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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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1.2. Know the Business: Evaluating the Environment and the Enterprise

Figure 3

Risk management begins by understanding the business, including the dynamics of the environment and the enterprise capabilities used to survive and thrive in its environment.

The external environment shapes the risk profile

Institutions don’t operate in isolation. Operational processes are not static and unaffected by events outside the walls of a branch or data center.

Foe example in a workshop with operational risk managers, real-life examples of risks to operations emerging from dynamic environments were shared:

  • social unrest in an area normally ...

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