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Recent years have seen a growth in the strategic importance of operational risk management and the potential for reputational harm and regulatory sanction. The boards and executive management teams of investment firms are now spending more time on the oversight of operational risk than ever before.
Operational risk spans the entire organisation and could be said to encompass everything, with the exception of market and credit risk. As such there is an inherent complexity in measuring and managing operational risk.
This increased focus has brought demands for more accurate, meaningful and reportable data around operational risk and a move towards the allocation of resources to conduct formal risk assessments across areas of the business that, traditionally, were managed in silos.
Key areas of risk that are high on the agenda at investment firms include Cyber Security, Vendor Management, Regulatory and Conduct and these areas alone cut across multiple functions within an organisation.