Knowledge Center: Publication
Operational risk is broken. What now?9/16/2014 Paul Gibson, Mark Jackson and Craig Williams
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Since the global financial crisis, operational risk failures globally have cost the financial services sector more than US$145.8bn. While the industry has recognized that operational risk is broken, attempts to fix it have tended to take a conservative approach, recruiting risk officers from within the industry, and the impact on operational risk culture has been limited. To achieve the step change required, transforming mindsets and behaviors, financial services organizations must look outside the industry. Our conversations with global risk executives confirm the solution lies in recruiting leaders who will bring diversity of thought and challenge traditional assumptions around operational risk.