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Mastering Operational Risk, 2nd Edition by John Thirlwell, Tony Blunden

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15

Culture and people risk

Why it’s all about people

How to embed a healthy operational risk culture

Mitigating people risks

Succession planning

The human resources department

Key people risk indicators

WHY IT’S ALL ABOUT PEOPLE

When it comes down to it, most operational risks are ultimately the result of ‘people’ failure, whether at a strategic, managerial or operational level. ‘Our people are our greatest asset’, we read at the end of the Chairman’s or CEO’s statement in the annual Report and Accounts. True. But just as risk is as much about opportunities as threats, so our people are also our greatest potential liability. Yet firms rarely consider people risk management as the key element of their overall risk management.

There are two ...

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