Fear of blame for failure linked to rising op risk losses

"Safety culture" hinges on readiness to admit problems, speakers say

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OpRisk Asia 2014 (l to r) Urban Wilde, Ellen Ryan, Sunil Rao, Alec Campbell

A culture in which issues and failures can be reported without fear of punishment is vital to keep operational risk under control, the OpRisk Asia conference in Singapore heard today. Sunil Rao, regional operational risk management head for RBC Investor & Treasury Services, called on the financial sector to emulate industries such as healthcare and aviation in developing a "safety culture". This has three critical components: information, reporting and fairness, he said.

"All [op risk] staff

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