Insurance of limited value for op risk mitigation

Could premiums be better spent on improving controls, delegates ask

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Delegates at OpRisk Asia 2014

Limited capacity and uncertain coverage have led delegates and speakers at the OpRisk Asia conference in Singapore today to question the value of insurance as an operational risk mitigation tool. "There are just not enough limits available," commented Romy Bowers, managing director of US operational risk at Bank of Montreal. "Does it make sense for banks to insure... or is the money better spent on internal controls?" Other delegates argued that, while insurance might make sense for smaller b