Pilot study: Learning about risk management from the RAF
There is a vast difference between finance and air warfare, but, over the past 10 years, risk management at the UK’s Royal Air Force has faced many of the same challenges as the financial sector. OpRisk reports on how the airforce has dealt with them
While operational risk managers at financial institutions concentrate on avoiding monetary loss and preserving the business, in aviation the approach focuses on minimising 'risk to life' – the nature of military flying, in particular, means a zero-tolerance approach is simply not possible. Air safety for all of the UK's armed services is the responsibility of a relatively new regulatory body called the Military Aviation Authority (MAA), founded in 2010.
Financial sector reform – in the UK and
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