Non-Financial Risk Management: Emerging stronger after Covid-19
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Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management
Owe Lie-Bjelland
Foreword
Preface
Introduction
Introduction to Part I: The origins of non-financial risk management
The complete history of operational risk regulation (abridged)
Financial institutions and non-financial risk: Learning from the corporate approach
The painful financial side of NFR
“Risk management is about managing risk” and “It’s all about people”: Psychology might be more important than models
The confusion of Babel: What’s in the name NFR – taxonomy
Introduction to Part II: Governance of non-financial risk management
“It’s the culture, stupid”: Risk culture as the key building block of NFR management – and why some banks have come through the Covid-19 pandemic better than others
Do you know who is who? Three lines of defence in the context of NFR
Herding cats? NFR divisions as truly diverse units
“Just do it!”: Partially self-organising governance structures for NFR frameworks
Introduction to Part III: Tools and instruments for non-financial risk management
A risk by any other name: Identification, classification and agendas
Old but gold? Mastering the RCSA despite Covid-19
Biases in scenario analyses and how to mitigate them
When scenarios are not severe enough: Stress testing for non-financial risk
Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management
Breaking up with risk management: Using the power of controls for good not the prevention of evil
Introduction to Part IV: Focus areas of non-financial risk management
It won’t be over after Covid-19: Pandemics and operational resilience
Dealing with IT complexity and innovation: Delivering business resilience and customer outcomes
Protecting the new gold: Information security
Conduct risk and the impact of Covid-19
From lawsuits to models: Compliance risk and financial crime
Others are doing it cheaper: But can they really? Opportunities and risks in outsourcing
Managing reputation and stakeholders
Introduction to Part V: The future of non-financial risk management
ESG risk as a new (and very important) trigger for NFR
Looking into the crystal ball: What will NFR management look like in 2030?
This time will be different: An alternative future of NFR management
Right time, right place: The drive for change in operational and non-financial risk
A research paper by David Blanchflower, a former Bank of England policymaker, concluded that the mid-life crisis actually exists, and is at its lowest level at the age of 47.2 (Blanchflower, 2020). According to his research, my own mid-life crisis hit rock-bottom on Monday, May 25, 2020. However, at the time, there was not a single indication that a potential mid-life crisis would even impact me, besides some grey hair, teenage kids and a dog.
In mid-March 2020, I spoke at the AML & ABC Forum in London. Attending the different sessions and listening to the various speakers and panel discussions, it struck me that every speaker was addressing the need for a “holistic” software platform that could provide “one view” of all their risk and compliance data. They discussed their vision of how to jointly collaborate on operational risks, issues, compliance risks, controls, investigations and reporting. On the question from one of the panel moderators: “How many of you have software in place that allows you to have one view for all your risk and compliance information, and will let you collaborate across the AML [anti-money laundering] and ABC [anti-bribery and corruption] compliance
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