Journal of Operational Risk

Risk.net

Global perspectives on operational risk management and practice: a survey by the Institute of Operational Risk (IOR) and the Center for Financial Professionals (CeFPro)

Gareth W. Peters, George Clark, John Thirlwell and Manoj Kulwal

  • This paper presents survey results which represent comprehensive perspectives on operational risk practice, obtained from practitioners in a wide range of countries and sectors.
  • The survey was developed and executed by two leading organizations in operational risk in the financial services, the Institute of Operational Risk (IOR) and the Center for Financial Professionals (CeFPro).
  • The goal of this survey and subsequent analysis was to develop an understanding of the dynamic and evolving nature of operational risk management practice from industry practitioners' perspectives. We sought out a large cross section of industry sectors with a truly global view of the discipline's responses.

This survey represents a comprehensive perspective on operational risk practice, obtained from practitioner in a wide range of countries and sectors. It was developed and executed by two leading organizations in operational risk in the financial services industry: the Institute of Operational Risk (IOR) and the Center for Financial Professionals (CeFPro). This academic paper is a more detailed analysis of the industry report that was jointly created by these organizations. The goal of the survey and its subsequent analysis was to develop an understanding of the dynamic and evolving nature of operational risk management practice from the perspective of industry practitioners. We sought out a large cross-section of industry sectors to capture a truly global view of the discipline’s responses. In this regard, we focused on developing a survey that would facilitate a greater understanding of the following core aspects of operational risk practice, both at present and with regard to future possible directions:

• the current best practices and approaches to operational risk;

• the tools and skills being applied in practice;

• the discipline’s current status in different regions and sectors; and

• the directions the discipline may go in future.

The survey was designed by the authors of this paper on behalf of the IOR and facilitated and collated by CeFPro.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: