Non-Financial Risk Management: Emerging stronger after Covid-19
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ESG risk as a new (and very important) trigger for NFR
Petra Obermann
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
Without decisive action on the climate change, studies show that, in the lifetime of our children, the European Union (EU) will see 400,000 premature deaths per year due to air pollution, 90,000 deaths from heatwaves, 40% less available water in the southern regions of the EU, half a million people exposed to river flooding each year, and 2.2 million people exposed to coastal flooding each year (European Commission, 2019).
The role of banking in preventing or reducing these effects is not straightforward. This chapter will provide an overview of the European Green Deal and the European Commission’s strategy for financing the transition to a sustainable economy. Environmental, social and governance (ESG) risks are defined and explained, and the necessary implementations for sustainable finance and ESG risk management within banks will be outlined. There will also be a detailed look at the Covid-19 pandemic and its interconnectedness with some aspects of ESG.
EUROPEAN GREEN DEAL AND SUSTAINABLE FINANCE
The European Green Deal
“This is Europe’s man on the moon moment”, said European Commission President Ursula von der Leyen in a video statement on December 11, 2019, the day
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