A little respect
First, a bit of gloating. The April edition noted that there was a serious risk of Basel II deadlines being pushed back in the US and Europe, and now that looks as it has come to pass, at least in the US ( see related article, in this issue )
I have also had several rather kind notes about last month’s editorial, on the relationship between Rousseau and Basel II. I must confess that it was the product of a debate I had with a colleague after drinking far too much red wine while at a conference in Madrid, so am glad that my ramblings made some sense.
This month’s thought? At the risk of sounding like I am shamelessly pandering to Operational Risk’s readership, I’d like to say I am surprised at just how under-appreciated op risk managers seem to be. Our third annual op risk survey, sponsored by consulting firm Protiviti, shows that although more and more responsibility is being placed on the shoulders of op risk managers, the funding that should be coming through to help them meet this increased burden doesn’t seem to be in place.
And in our monthly survey, we asked if operational risk managers’ "board of directors understand operational risk to the level of sophistication you consider appropriate?" The answer was a resounding ‘no’ – 78.6% answered that way.
Should we initiate an annual ‘Operational Risk Respect Day’? Thoughts welcome, as always…
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
ECB official open to offering liquidity aid to non-banks
Risk Live: Deputy director doesn’t rule out copying UK plan to extend repo facility to pension funds and life insurers
Banks must loosen up on ChatGPT use – risk chiefs
Risk Live: ’Shadow use’ and inability to attract new hires mean restricting access to GPTs is untenable
Simm casts off Covid pain for $40 billion IM reprieve
Recalibration cuts risk weights in equity and commodities, but some credit exposures double on ABX halt
Rate risk modellers relieved as EU deposits stay sticky
Banks feared retail deposits would be flightier than during previous periods of rate hikes
Rough patch: CrowdStrike sparks an auto-update debate
Automating software updates helps keep hackers at bay but can introduce op risk; banks balance the two
Banks urged to keep regulators in the loop on AI plans for AML
Risk managers advocate five-year strategies and compliance teams’ ownership of the tech they use
Banks urged to boost third-party scrutiny amid AML crackdown
Three US regulators highlight deficiencies in banks’ due diligence on fintech partners
Clearing members welcome JSCC initial margin reforms
Stress loss add-ons touted as path to ensure defaulter pays and default fund contributions shrink