Top 10 operational risks: The umpire strikes back

Tougher regulatory enforcement, new consumer rules and rise of ESG are ringing alarm bells

Almost 15 years since the fall of Lehman Brothers and more than a decade since news broke of the Libor manipulation scandal, you might expect the tide of regulation to be easing a little. Instead, regulatory compliance is an increasing source of alarm for operational risk managers. It jumped to second place in this year’s survey of operational risks, up from tenth in the 2022 ranking – making it the fastest mover in the top 10.

For firms active in the US, one specific regulator – the

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