BP is a wake-up call

Victoria Pennington

Ask BP what the biggest risk type is and there is only one answer: operational risk. But despite the financial services industry playing host to some of the largest operational risk events during the past decade: Jérôme Kerviel, Bernie Madoff and the Goldman Sachs alleged mis-selling case – operational risk is still not being acknowledged as the biggest risk facing a financial organisation today. In this publication, I have argued that other industries such as petrochemicals and nuclear power ha