Non-Financial Risk Management: Emerging stronger after Covid-19
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A risk by any other name: Identification, classification and agendas
Foreword
Preface
Introduction
Introduction to Part I: The origins of non-financial risk management
The complete history of operational risk regulation (abridged)
Financial institutions and non-financial risk: Learning from the corporate approach
The painful financial side of NFR
“Risk management is about managing risk” and “It’s all about people”: Psychology might be more important than models
The confusion of Babel: What’s in the name NFR – taxonomy
Introduction to Part II: Governance of non-financial risk management
“It’s the culture, stupid”: Risk culture as the key building block of NFR management – and why some banks have come through the Covid-19 pandemic better than others
Do you know who is who? Three lines of defence in the context of NFR
Herding cats? NFR divisions as truly diverse units
“Just do it!”: Partially self-organising governance structures for NFR frameworks
Introduction to Part III: Tools and instruments for non-financial risk management
A risk by any other name: Identification, classification and agendas
Old but gold? Mastering the RCSA despite Covid-19
Biases in scenario analyses and how to mitigate them
When scenarios are not severe enough: Stress testing for non-financial risk
Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management
Breaking up with risk management: Using the power of controls for good not the prevention of evil
Introduction to Part IV: Focus areas of non-financial risk management
It won’t be over after Covid-19: Pandemics and operational resilience
Dealing with IT complexity and innovation: Delivering business resilience and customer outcomes
Protecting the new gold: Information security
Conduct risk and the impact of Covid-19
From lawsuits to models: Compliance risk and financial crime
Others are doing it cheaper: But can they really? Opportunities and risks in outsourcing
Managing reputation and stakeholders
Introduction to Part V: The future of non-financial risk management
ESG risk as a new (and very important) trigger for NFR
Looking into the crystal ball: What will NFR management look like in 2030?
This time will be different: An alternative future of NFR management
Right time, right place: The drive for change in operational and non-financial risk
Identification and name giving are fundamental to our relationship with the world. In the Bible, one of Adam’s first autonomous acts is giving names to all the animals on Earth. The need for identification comes from the diversity embedded in every facet of reality, as does the subsequent attempt at classifying such diversity into categories that allow our understanding to go beyond the specific instances we experience as individuals.
Risk managers are also fundamentally concerned with diversity, as risk itself stems from the fact that a (potentially a very large) number of outcomes are possible at any given time and for any given facet (asset, process, task, choice) of a business venture. Thus, the very definition of their task, as provided also by regulatory guidance, starts with the need to identify risks. Such endeavour has at least two different meanings. One refers to awareness. As once infamously stated by US secretary of defence Donald Rumsfeld, there are known knowns, known unknowns and unknown unknowns, the last of course being those you should most carefully guard against. Indeed, nothing is worse than not knowing that we are exposed to a risk, as of course the
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