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June 16, 2011 - RiskMinds USA - Notes from presentation: Implications of the recent / upcoming changes for operational risk

Posted by Sohayla Fitzpatrick on June 16, 2011 at 21:39 in Opinions

June 16, 2011 - RiskMinds conference - Notes from presentation by Phillipa Girling on the Implications of the recent / upcoming changes for operational risk

  • Regulatory change is here, with more to come
  • Final rules are yet to be enacted
  • Enforcement is already tougher
  • Global regulatory environment also in flux (Basel III)
  • Operational Risk is impacted in many ways:
    •  Identification (more risks)
    •  Assessment (new standards)
    •  Control (new controls and processes)
    •  Mitigation (new mitigation strategies)
    •  Capital (higher standards and need to manage operational risk in capital calculation and management)
    •  Role as an element in systemic risk
    •  Role in managing reputational risk

Stay tuned for my next update from the RiskMinds conference.

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