Op risk's role in change management is crucial – MUFG
Op risk managers should analyse why losses were so high during the recent financial crisis and identify the areas for improvement – one being their role in change management, says MUFG Securities' operational risk head.
A key lesson of the financial crisis is that operational risk managers need to play a greater role in change management, says Michael Grimwade, head of operational risk at Mitsubishi UFJ Financial Group’s international securities business.
“Change creates a new status quo,” he says. “And it’s the role of op risk to make sure that transition is well-controlled – that existing processes are not stressed and that no new control weaknesses are introduced.”
Michael Grimwade, MUFG
He adds that root
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