Fear of blame for failure linked to rising op risk losses
Rogue trading and other problems go unreported because of a blame culture at banks, the OpRisk Asia conference in Singapore heard today
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
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