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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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3.3. Key Insights for Oversight and Governing Risk

Governance is about getting the right information to the right people at the right time to make the right (or at least better) decisions.

Governance, strictly speaking, is about board-of-directors’ oversight of management. Governance can also be formally delegated to bodies of managers, especially for oversight of projects that cross silos within the institution.

The oversight (governance) cycle, with its layers of corporate, business, risk and operational-risk governance, is distinct from the risk management cycle and the institution’s core business-product process cycle. Problems in each of these cycles must be understood and fixed to have healthy risk management that drives performance ...

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