Michael Grimwade is head of operational risk at MUFG Securities EMEA, and also a director of the Institute of Operational Risk. He is the author of Managing operational risk: new insights and lessons learnt, published by Risk Books.
The history of banking is punctuated by crises. So it is extremely unlikely that the spike in operational risk losses experienced by the industry in the aftermath of the global financial crisis is a never-to-be-repeated event. In fact some of the actions being taken