Reflections on OpRisk Management
First published:
ISBN: 9781782723493
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Introduction
Introduction
Introduction
Operational Risk in Four Letters
An Invisible Framework
Small is Beautiful in OpRisk Management
The Business Value of ORM
How to Minimise ‘People Risk’
The Missing Piece
Risk Appetite and Framework
From Russian Roulette to Overcautious Decision-making
The Importance of Preventive KRIs
How to Build Preventive Key Risk Indicators
Unlocking KRIs
Six Steps for Preventive KRIs
Have Your Cake and Eat It
Conduct, Not ‘Conduct Risk’
How to Manage Incentives
Is Reputation Risk Overstated?
What Regulators Want
Conduct & Culture
OpRisk Takes Forward Steps at OpRisk Europe 2014
Modern Scenario Analysis
The Rogue’s Path
Rogue Trading No Training: The Connections
What Brexit Teaches OpRisk
OpRisk Survey Shows the Insidious Effects of Political Risk
Discarding the AMA Could Become a Source of OpRisk
UCL Research Shows that SMA Reforms Introduces Capital Instability and Discourages Risk Management
Memo to Bank CEOs: Treat OpRisk with More Respect
Don’t Let the SMA Kill OpRisk Modelling
A good deed is never lost. These are the words of St Basil the Great, a fourth-century bishop, and they have a particular resonance here. In June 2014, I was grateful to Incisive Media for inviting me to speak at their OpRisk Europe conference, the biggest gathering of operational risk professionals in the financial industry. To thank them for their kind invitation, I wrote an article about the conference and how, at last, the industry seemed to be making significant progress in understanding the causes and mechanisms of operational risks (chapter 19). Alexander Campbell, editor of Operational Risk & Regulation, liked it and offered me a column in the magazine. Occasional contributions became regular bimonthly articles, which I have found demanding but also enjoyable and liberating. The articles gave me a platform to express new ideas, and to communicate to a wider audience some of the most inspiring conversations and debates that I was having with numerous professionals during operational risk training classes, workshops, conferences and consulting assignments.
The regular column came after several articles addressing hot topics at the time, such as rogue trading (chapters 21 &
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