Less than one third of senior wholesale financial services executives are confident that their employers can measure operational risk, according to the results of research by the Institute of Financial Services (IFS), a UK provider of educational support for the financial services industry.The research found that 68% of about 50 London-based wholesale executives surveyed did not believe their employers could measure operational risk.
The research was commissioned by international IT company IBM and was conducted in May, June and July this year.
IBM said firms needed to conduct qualitative and quantitative measurement of operational risk. In a set of guidelines on counterparty, market and operational risk, IBM also recommended that companies demonstrated due diligence in risk management and ensured they had effective internal systems for reporting operational risk to senior management.
More on Foreign Exchange
Sponsored feature: Commerzbank
Limiting response time for market-makers may become outdated method
Pricing difficulties since SNB currency floor removal cause friction
Bank of Thailand announces measures
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.