A little respect
First, a bit of gloating. The April edition noted that there was a serious risk of Basel II deadlines being pushed back in the US and Europe, and now that looks as it has come to pass, at least in the US ( see related article, in this issue )
I have also had several rather kind notes about last month’s editorial, on the relationship between Rousseau and Basel II. I must confess that it was the product of a debate I had with a colleague after drinking far too much red wine while at a conference in Madrid, so am glad that my ramblings made some sense.
This month’s thought? At the risk of sounding like I am shamelessly pandering to Operational Risk’s readership, I’d like to say I am surprised at just how under-appreciated op risk managers seem to be. Our third annual op risk survey, sponsored by consulting firm Protiviti, shows that although more and more responsibility is being placed on the shoulders of op risk managers, the funding that should be coming through to help them meet this increased burden doesn’t seem to be in place.
And in our monthly survey, we asked if operational risk managers’ "board of directors understand operational risk to the level of sophistication you consider appropriate?" The answer was a resounding ‘no’ – 78.6% answered that way.
Should we initiate an annual ‘Operational Risk Respect Day’? Thoughts welcome, as always…
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
New CME guidance to drive tighter margin call management
Clearing house rule clarified to limit the use of grace periods to cases of admin/operational errors only
Too ’Berg to fail? What October’s Instant Bloomberg outage means for the industry
The ubiquitous communications platform is vital for traders around the globe, especially in fixed income and exotic derivatives. When it fails, the disruption can be great
SEC leadership change puts Treasuries mandate under scrutiny
FICC clearing models approved, but critics think delay could revive prospects of done-away trading
Markets Technology Awards 2025: Untangling the knots
Vendors jockeying for position in this year’s MTAs, as banks and regulators take aim at counterparty blind spots
Risk Awards 2025: The winners
UBS claims top derivatives prize, lifetime award for Don Wilson, JP Morgan wins rates and credit
An AI-first approach to model risk management
Firms must define their AI risk appetite before trying to manage or model it, says Christophe Rougeaux
BofA sets its sights on US synthetic risk transfer market
New trading initiative has already notched at least three transactions
Op risk data: At Trafigura, a $1 billion miss in Mongolia
Also: Insurance cartels, Santander settlement and TSB’s “woeful” customer treatment. Data by ORX News