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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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1.3. The Right Tool for the Right Risk Type

“In evaluating risk, a big problem that I see is that people aren’t using the right tool for the job. Dashboards are important for status, often including after-the-fact data. However, they rarely give early warning and don’t fix problems. We need support systems that look into the operations of the institution, provide early warnings and point us to causes, so we can fix problems promptly.”

— Humphrey Polanen, founding director of Heritage Bank of Commerce

In public presentations and private workshops, people often ask: ‘You’ve mentioned so many tools, how do I know what to use for what?’ A diagram can help. Figure 6 maps the risk space to tool types for both finding and evaluating risks to operations. ...

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