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

Royal Mutuals fined more than $1 million in settlement over higher commissions

Royal Mutual Funds Inc. has agreed to pay more than $1 million in fines after investment regulators found the mutual-fund company was offering higher commissions to Royal advisers to sell its own proprietary funds.

Westpac faces ASIC legal action over sacked financial adviser

An "emboldened" corporate cop is taking legal action against Westpac over allegedly poor advice given by a sacked financial planner, a move that could leave the bank facing multi-million dollar fines.

Citigroup agrees to pay $100-million to settle charges stemming from Libor scandal

Citigroup agreed Friday to pay $100-million to settle charges that its bankers manipulated an important interest rate used to price everything from credit cards to mortgages.

Commonwealth Bank customers across the country are left stranded again after app crashes

Commonwealth Bank customers across the country have been left stranded once again after mobile app crashes.

British lawmakers press regulator over PwC's BHS audit

British lawmakers are pressing the accounting regulator to divulge details of the misconduct that prompted it to slap unprecedented fines on accountants PwC and a former senior partner over a 2014 audit of now-collapsed retail chain BHS.

Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipulation

Brazil’s antitrust watchdog on Wednesday fined Morgan Stanley and Royal Bank of Canada a total of 42.9 million reais ($11.6 million) for meddling with foreign exchange rates charged to clients.

KPMG fined £3.2 million in Britain over audit of Quindell

Britain’s accounting watchdog fined KPMG £3.2 million on Monday for failings in its audit of Quindell, after the legal services firm twice restated its accounts leading to heavy losses.

Yahoo fined £250,000 over cyber-attack

Yahoo's UK arm has been fined £250,000 ($335,000) by the UK Information Commissioner's Office (ICO) over a data breach affecting more than 500 million users which took place in 2014.

Singapore career website hit by PageUp malware scare

The Singapore government’s Career@Gov website has become the latest victim of a malware attack on PageUp, its Australia-based recruitment technology provider.

Merrill to pay $15.7 million for duping mortgage bond buyers

Bank of America Corp.’s Merrill Lynch unit will pay $15.7 million to settle a U.S. regulator’s allegations that it failed to properly supervise traders who persuaded clients to overpay for mortgage bonds by misleading them about how much the firm paid for the securities.

South African police raid Bank of Baroda in corruption investigation

An elite South Africa police unit raided offices of India’s Bank of Baroda on Friday and seized documents as part of an investigation into state corruption under former president Jacob Zuma, a police spokesman said.

MPs call for P45 for embattled TSB chief Paul Pester

UK MPs have lost confidence in embattled TSB chair Paul Pester and his ability to save the bank from the consequences of a disastrous migration to a new banking platform from parent Banco Sabadell Pester was hauled before the Treasury Select Committee for the second time earlier this week, where he faced a grilling from MPs about the ongoing problems at the bank.

 
  • Issue #65
  • Issue #64
  • Issue #63
  • Issue #62
  • Issue #61
  • Issue #60
  • Issue #59
  • Issue #58
  • Issue #57
  • Issue #56
  • Issue #55
  • Issue #54
  • Issue #53
  • Issue #52
  • Issue #51
  • Issue #50
  • Issue #49
  • Issue #48
  • Issue #47
  • Issue #46
  • Issue #45
  • Issue #44
  • Issue #43
  • Issue #42
  • Issue #41
  • Issue #40
  • Issue #39
  • Issue #38
  • Issue #37
  • Issue #36
  • Issue #35
  • Issue #34
  • Issue #33
  • Issue #32
  • Issue #31
  • Issue #30
  • Issue #29
  • Issue #28
  • Issue #27
  • Issue #26
  • Issue #25
  • Issue #24
  • Issue #23
  • Issue #22
  • Issue #21
  • Issue #20
  • Issue #19
  • Issue #18
  • Issue #17
  • Issue #16
  • Issue #15
  • Issue #14
  • Issue #13
  • Issue #12
  • Issue #11
  • Issue #10
  • Issue #9
  • Issue #8
  • Issue #7
  • Issue #6
  • Issue #5
  • Issue #4
  • Issue #3
  • Issue #2
  • Issue #1