The Risk Universe is a website and a monthly digital magazine that seeks to shed some much needed illumination onto the world of operational risk management.

Special Alert : The end of an era
In this issue of The Risk Universe, we ponder the future of operational risk management in its current form, as Mike Finlay’s provocative piece on page 12 asks: as operational risk management comes of age, does it have a future?

The proliferation of risk-related roles in financial institutions since the crisis, perhaps counterproductively, has created a series of over-lapping, contradictive disciplines, some of which arguably swallow up the functions that were commonly filed under operational risk.

The definition of operational risk itself hasn’t helped things, argues Finlay. After credit, market and liquidity, operational risk is often unhelpfully labelled as “everything else.”

Can practitioners continue to manage in this way? And isn’t “everything else” on the risk agenda usually something to do with cyber these days? Perhaps, then, it is the end of operational risk – at least as we know it. But, as practitioners look back at 18 years of the discipline, maybe it will also mark the beginning of a better, more ‘grown-up’ approach to risk management.

Endings are relevant for another reason this month, as we announce that this edition of The Risk Universe will be our last – for now at least. We hope you’ve found our operational risk-focussed viewpoint both useful and enjoyable to read. We will still be providing a dedicated source of industry news through our website, so stay tuned at www.riskuniverse.com and follow us on Twitter @RiskUniverse, for regular updates.

Thanks for reading.

Carrie Cook, Editor




Latest News

Ex-Barclays execs charged with conspiracy to commit fraud

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South Korean firm pays US$1m cyber ransom

A web hosting firm based in South Korea has agreed to pay out what is believed to be a record ransom amount to cyber criminals.

Westpac suffers IT glitch during bank holiday

Westpac suffered a major IT outage locking customers out of their accounts over the Australian bank holiday weekend for the Queen’s birthday.

Hackers selling data from QNB and UAE InvestBank on the dark web

Hackers who stole data in 2016 from the Qatar National Bank (QNB) and UAE InvestBank are believed to be selling it on the dark web.

Deutsche to pay US$170m Euribor-rigging settlement

Deutsche Bank will pay a US$170m settlement to draw a line under a lawsuit brought against it by investors over alleged rate rigging.

ABN Amro sacks 10 managers over mortgage fraud

ABN Amro has found 114 employees guilty of forging signatures on mortgage advice reports after a major internal investigation.

US lawsuit accuses 12 big banks of CDS collusion

A trading exchange has filed an antitrust lawsuit against 12 major banks for allegedly conspiring to push it out of the credit default swap market.

HSBC could face fresh litigation over forex

HSBC is facing possible legal action over allegations of historical foreign exchange market manipulation.

BPI suspends transactions due to glitch

A major Philippine bank was forced to suspend all online and ATM transactions when money went missing from customer accounts this week.

FCA charges ex-UBS compliance officer with insider trading

A former UBS Group compliance officer has been charged with insider trading by the UK’s Financial Conduct Authority, Bloomberg reports.

BofA pays Tutor Perini US$37m to settle fraud case

Bank of America has settled a crisis-era lawsuit with construction company Tutor Perini for US$37m.

Ex-Deutsche trader aiding US spoof probe

A trader who pleaded guilty to manipulating futures contracts in precious metals did so whilst he was working at Deutsche Bank, reports Bloomberg.

 
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