Highlights from OpRisk Europe conference 2015

Exclusive coverage of London event

Centre stage: financial regulators and operational risk professionals shared their thoughts

More articles will be added as they are published.

Santander op risk head aims to "get off bottom rung" after CCAR fail
The bank's US chief operational risk officer says that failing the Federal Reserve stress tests is embarrassing, but preparation is difficult when "best practice" changes every year. Aon risk head says the sharing of qualitative data could help

Banks should penalise excessive risk-takers
Credit Suisse investment banking op risk head says banks need to hit staff who overstep risk appetite "in the pocket"

Banks call for collaboration with regulators on op risk models
Supervisors would benefit from learning about the latest industry techniques, say HSBC and Santander

Unicredit and Invesco say culture is key and can be measured
Corporate risk culture underpins conduct risk management, and culture itself can be measured and assessed, the banks say

HSBC op risk team "were not delivering full value", Cooke says
A year into an overhaul of its operational risk function, HSBC's op risk head Mark Cooke described how it had suffered from over-complexity and a 'mechanical' approach

Panel defends value of modelling
Op risk models are vital to link business risk management to capital levels, but they can grow too complicated, argues a panel

Business side must be challenged on risk reports
RCSAs from the frontline could be peer-reviewed to give a better picture of real risks, a panel says

Individual accountability will be industry 'game-changer'
In the midst of significant regulatory change, individual accountability is the "real game-changer" coming out of the supervisory armoury, says a former Morgan Stanley op risk head

GE Capital's Sabath praises "1.2 line of defence" model
GE Capital's head of regulatory and operational risk argues for embedded op risk managers taking on most of the review role, with the second line of defence acting "as consultants"

Cyber attacks are inevitable
Companies must accept they will be hit by cyber attacks and plan accordingly, as criminals become better funded and more organised

Culture and conduct risk management 'must focus on customer'
Open reporting and customer focus should be at the centre of conduct risk management, speakers say

Op risk models must aid management to be effective
Panel discussion reveals split over the value of quantification

Sound corporate governance at the heart of op risk - French regulator
European financial regulators are paying extra attention to the board's engagement with their institution's operational risk profile, says the ACPR's op risk policy expert

Live coverage: OpRisk Europe conference – Day 1
Live coverage: OpRisk Europe conference – Day 2
Real-time highlights from sessions throughout the two days (free to non-subscribers)

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