Operational Risk Frameworks in the Age of COVID-19: In Data We Trust!
By Thibaud de Barmon
A featured article of our November 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
The past 10 months have changed firms’ operational landscape in ways that few would have thought possible. To date, this change hasn’t led to major disruptions, but there is no doubt that the level of operational risks firms are now exposed to is on the rise.
What does this mean for the practice of operational risk? Because the current changes are both profound and lasting, we believe they will particularly impact the way risk frameworks anticipate, measure and communicate. For operational risk this will mean major adjustments in three areas: more complex and dynamic scenario analysis; more granular self-assessments of the risks and controls; and agile reporting and escalation of risks and vulnerabilities. This article looks at each in turn.
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