Award Winner: Alfa Bank

OPERATIONAL RISK ACHIEVEMENT AWARDS

In the midst of a financial crisis last summer, Alfa Bank's op risk credentials were put to the test.

Philip Halperin, director of risk management at Alfa Bank, says: "We had the contingency plans in place for this type of crisis and negative effects were kept to a minimum."

Alfa faced a crisis when false rumours printed in Russian newspapers triggered an outflow of funds of more than $500 million. The op risk team responded to this situation with both skill and speed.

"The operational risk ma