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The Operational Risk Handbook for Financial Companies: A guide to the new world of performance-oriented operational risk by Brian Barnier

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1.1. Lighting up ‘Dark Corners’

“In complex organizations, the operational risk manager must coordinate across all areas of the business to ensure risks are identified, measured in terms of the amount and severity of worst-case outcomes, and that plans are designed to prevent them. Board oversight, executive leadership and employee engagement across the business are required.”

— Karen Osar, board member of Webster Financial Corporation

Regulators say: ‘Banks need to better see in “dark corners”.’ Operational risk leaders ask: ‘How can we avoid “surprises”?’ Shareholders and board members facing a changing business environment seek risk management that improves return relative to risk. As I speak with ops risk executives, most express frustration ...

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