There's a world outside of banking...

For a while now I have thought that financial services firms could learn a lot from the operational risk management practices employed by businesses in other industries, particularly those that are also highly regulated, such as petrochemicals, aviation and nuclear power. But many operational risk experts in the banking world tend to have the impression that what they do is, one, streets ahead of anyone else, and two, so different that it is impossible to compare it with other industries.

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