Operational risk and compliance
One of the attractions of working on operational risk is the variety of the subject matter that is generally categorised under that heading. Op risk covers a series of diverse risk drivers. Examples are fraud, processing issues, and legal and regulatory risk.
Some of these risk drivers may generally be seen to be low frequency/high impact; some are the opposite. Moreover, whatever the nature of a risk driver in terms of the threat to capital, it may have very different characteristics when considered in terms of, say, customer service or reputation impact.
The importance of each driver will vary significantly from firm to firm. However, in so far as op risk as a discipline emerged several years ago, it still bears the marks of its ancestry
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