NordLB's Carsten Steinhoff: There's more to op risk management than modelling

Beyond the model

Carsten Steinhoff at NordLB
Carsten Steinhoff, head of operational risk at NordLB

In finance as in other industries, a hundred regulatory papers and codes of conduct seldom carry the same momentum as a single disaster. The collapse of Enron changed US corporate governance forever; the 2008 financial crisis seems set to do the same for international banking. And, at another level, operational risk management was kicked into high gear at Germany’s Norddeutsche Landesbank (NordLB) by the discovery in February 2010 of a large fraud involving its Skandifinanz Bank subsidiary in

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