Op risk managers struggle to be heard

Senior management buy-in an impossible task say op risk managers; regulators say more training, not regulation, is the answer

Although the financial crisis has highlighted the importance of good risk management to senior management, op risk managers are still finding it difficult to secure buy-in and support from their top executives.

“Operational risk managers ask us all the time if we can bring in a rule to force senior management buy-in,” says one regulatory source, “but of course we can’t do that.”

Regulators are also worried about the lack of experienced op risk personnel at firms, which has been made apparent in