Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management

Owe Lie-Bjelland

Contents

Foreword

Preface

Introduction

Introduction to Part I: The origins of non-financial risk management

1.

The complete history of operational risk regulation (abridged)

2.

Financial institutions and non-financial risk: Learning from the corporate approach

3.

The painful financial side of NFR

4.

“Risk management is about managing risk” and “It’s all about people”: Psychology might be more important than models

5.

The confusion of Babel: What’s in the name NFR – taxonomy

Introduction to Part II: Governance of non-financial risk management

6.

“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

7.

Do you know who is who? Three lines of defence in the context of NFR

8.

Herding cats? NFR divisions as truly diverse units

9.

“Just do it!”: Partially self-organising governance structures for NFR frameworks

Introduction to Part III: Tools and instruments for non-financial risk management

10.

A risk by any other name: Identification, classification and agendas

11.

Old but gold? Mastering the RCSA despite Covid-19

12.

Biases in scenario analyses and how to mitigate them

13.

When scenarios are not severe enough: Stress testing for non-financial risk

14.

Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management

15.

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

16.

It won’t be over after Covid-19: Pandemics and operational resilience

17.

Dealing with IT complexity and innovation: Delivering business resilience and customer outcomes

18.

Protecting the new gold: Information security

19.

Conduct risk and the impact of Covid-19

20.

From lawsuits to models: Compliance risk and financial crime

21.

Others are doing it cheaper: But can they really? Opportunities and risks in outsourcing

22.

Managing reputation and stakeholders

Introduction to Part V: The future of non-financial risk management

23.

ESG risk as a new (and very important) trigger for NFR

24.

Looking into the crystal ball: What will NFR management look like in 2030?

25.

This time will be different: An alternative future of NFR management

26.

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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