Op risk management at a crossroads

The future of the operational risk discipline stands at an crossroads - will it continue to evolve or be swallowed by a new world order where enterprise-wide risk management rules?

I have been speaking with many leaders in operational risk management over the past few weeks and the breadth of opinion on the future of operational risk as a discipline has been surprising. On the whole, most were positive that if nothing else the crisis has elevated the importance of op risk to warrant a seat at the tables of power, but I have also heard some, albeit the minority, speculate whether this will mean the death of op risk and the emergence of enterprise risk management.

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