Michael Grimwade first worked in operational risk management more than 25 years ago. He is head of op risk for ICBC Standard Bank and has held senior op risk management roles at MUFG Securities, RBS and Lloyds TSB. Prior to this he was a management consultant with PwC and Deloitte Consulting. He has also been a director of the Institute of Operational Risk, and is currently chair of the Association of Foreign Banks’ operational risk expert panel. Michael is the author of a number of articles on setting appetite for op risk, scenario analysis techniques, climate change, quantifying emerging risks and modelling op risk capital. He received an award in 2014 from the Institute of Operational Risk for his contribution to the profession. His second book, Ten Laws of Operational Risk, was published in December 2021.
Economic shocks increase op risks for banks, but institutions can take steps to limit the danger
History of op risk suggests economic impacts of climate change could exacerbate losses, writes op risk head
This paper sets out ten laws that govern the behavior of operational risk relating to the occurrence and detection/duration of events; the rapidity with which firms suffer losses; the lags in crystallization of losses; and internal and external drivers…
This paper sets out techniques for: (a) identifying systematically emerging threats, their timescales, and interrelationships (eg, feedback loops and domino effects); (b) quantifying operational risks through structured scenario analysis processes that…
Eight interlocking trends mean more multi-billion-dollar losses to come
Huge losses from the 2008 crisis can be seen as a short option position