Highly cultured

Patricia Jalleh, head of group operational risk at United Overseas Bank Group, says that to achieve a robust op risk framework, a risk culture must be well and truly embedded within the firm. And no risk culture is perfect - it's a matter of constantly striving for improvement. By Victoria Pennington

"I have never prescribed the concept that you cannot manage what you cannot measure," says Patricia Jalleh, head of group operational risk management at UOB Group in Singapore. In her view, the main lesson to be taken away from the global financial crisis is that firms should never become overly reliant on quantitative models. "One of the contributory factors to the crisis was the overreliance on quantitative models combined with inadequate understanding of the underlying assumptions. Decisions