Operational Risk Awards 2017: The winners

US Bank wins Bank of the Year while AIG scoops the Insurer award; RSA Archer takes Best Cyber Risk/Security Product and Overall Provider

Profiles of our award winners can be found below.

High-profile cyber attacks, large op risk loss events, conduct risk failings and the future of modelling – the operational risk management industry and the vendors who serve it find themselves in the spotlight as never before. This year’s OpRisk Awards highlight the industry’s adaptability in the face of strong headwinds, as well as the ingenuity of vendors in the face of an ever evolving range of threats.

Risk.net would like to extend a special thanks to its panel of expert judges comprising practitioners from across the industry, whose kind support make the awards possible.

US Bank takes the crown for Bank of the Year, testament to its op risk management function’s proud record of keeping the bank free of costly missteps that have befallen virtually all of its peers, and by extension its contribution to the bank’s bottom line. 

AIG wins Insurer of the Year thanks to its innovative Raise Your Hand programme, which encourages employees at all levels to report concerns that could give rise to operational risks, heading off issues before they become a problem. And Stephenson Harwood retains its title as Law Firm of the Year, after doubling down on its position as the go-to firm for banks that find themselves in the throes of a lengthy regulatory settlement process. 

Given the criticality of effective cyber risk management for banks and financial firms in the current environment, RSA Archer has scored a major coup by winning this year’s Best Cyber Risk/Security Product. The firm won praise for allowing easy integration of cyber risk into firms’ wider op risk framework using a platform that users from all parts of the business can employ, as well as its ability to target the consequences of attacks, including business continuity and data integrity. The depth of positive feedback from judges was also enough to power it to 2017’s Best Overall Provider award.

NICE Actimize scooped the prize for Best Financial Crime Product thanks to overwhelmingly positive feedback on its highly versatile unified case management platform, while RiskLens won Best Risk Analytics Tool, praised for its ability to help clients answer pressing analytics challenges in a way that makes sense under their existing op risk framework.

Elsewhere, Parker Fitzgerald beat off competition from the Big Four to scoop this year’s Consultancy of the Year award – testament to its nimble, expert-led service that yielded real benefits for clients, judges decreed. 

Congratulations to all of the 2017 winners: please see the full list below.

Practitioner categories:

Bank of the Year
US Bank

Insurer of the Year
AIG

Insurance Broker of the Year
Aon

Asset Manager of the Year
Nuveen

Regulator of the Year
Office of the Comptroller of the Currency

Paper of the Year
Gareth Peters, Pavel Shevchenko, Bertrand Hassani and Ariane Chapelle

Book of the Year
Cyber Risk

Vendor categories:

Consultancy of the Year
Parker Fitzgerald

Law Firm of the Year
Stephenson Harwood

Best Cyber Risk/Security Product, Best Overall Provider
RSA Archer

Best Financial Crime Product
NICE Actimize

Best GRC Product
IBM OpenPages

Best Risk Analytics Tool
RiskLens

Best Regulatory Reporting Platform or Service
NEX Regulatory Reporting

Best Market Surveillance Product
Nasdaq SMARTS

Best Newcomer (Vendor or Product)
Broadridge

Best Managed/Support Services Provider
Equiniti KYC Solutions

Best Outsourcing Provider
Thomson Reuters