A little respect
First, a bit of gloating. The April edition noted that there was a serious risk of Basel II deadlines being pushed back in the US and Europe, and now that looks as it has come to pass, at least in the US ( see related article, in this issue )
I have also had several rather kind notes about last month’s editorial, on the relationship between Rousseau and Basel II. I must confess that it was the product of a debate I had with a colleague after drinking far too much red wine while at a conference in Madrid, so am glad that my ramblings made some sense.
This month’s thought? At the risk of sounding like I am shamelessly pandering to Operational Risk’s readership, I’d like to say I am surprised at just how under-appreciated op risk managers seem to be. Our third annual op risk survey, sponsored by consulting firm Protiviti, shows that although more and more responsibility is being placed on the shoulders of op risk managers, the funding that should be coming through to help them meet this increased burden doesn’t seem to be in place.
And in our monthly survey, we asked if operational risk managers’ "board of directors understand operational risk to the level of sophistication you consider appropriate?" The answer was a resounding ‘no’ – 78.6% answered that way.
Should we initiate an annual ‘Operational Risk Respect Day’? Thoughts welcome, as always…
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
For collateral, can TINA become TIA?
US Treasuries’ dominance as collateral in repo and derivatives is no longer set in stone, argues economist
A Hormuz tipping point may be days away
Agent-based model suggests delays and shortages likely to accelerate after four weeks
Op risk data: HK gets tough on takeover in $200m takedown
Also: Bank staff steal state funds in India; Vanguard settles US net zero lawsuit. Data by ORX News
CRO view: emerging risks in the age of AI
The risk agenda is shifting beyond market and credit volatility towards operational resilience, AI governance and culture
Interest rate crosswinds buffet IRRBB teams
Political intervention and rapid-fire law changes are skewering bank models for forecasting cashflows
FRTB internal models: quo vadis?
Two risk experts explore how to adjust the FRTB framework to promote internal model usage
Rethinking post trade for OTC derivatives
LSEG’s TradeAgent platform aims to improve efficiency and resilience in post trade
The loneliness of the model risk manager
Boards may see them as a drag on innovation; risk functions need to show they embrace efficiency