Non-Financial Risk Management: Emerging stronger after Covid-19
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Protecting the new gold: Information security
Mareike Reus
Foreword
Preface
Introduction
Introduction to Part I: The origins of non-financial risk management
The complete history of operational risk regulation (abridged)
Financial institutions and non-financial risk: Learning from the corporate approach
The painful financial side of NFR
“Risk management is about managing risk” and “It’s all about people”: Psychology might be more important than models
The confusion of Babel: What’s in the name NFR – taxonomy
Introduction to Part II: Governance of non-financial risk management
“It’s the culture, stupid”: Risk culture as the key building block of NFR management – and why some banks have come through the Covid-19 pandemic better than others
Do you know who is who? Three lines of defence in the context of NFR
Herding cats? NFR divisions as truly diverse units
“Just do it!”: Partially self-organising governance structures for NFR frameworks
Introduction to Part III: Tools and instruments for non-financial risk management
A risk by any other name: Identification, classification and agendas
Old but gold? Mastering the RCSA despite Covid-19
Biases in scenario analyses and how to mitigate them
When scenarios are not severe enough: Stress testing for non-financial risk
Ending NFR in NFR: From Excel sheets to professional IT systems for NFR management
Breaking up with risk management: Using the power of controls for good not the prevention of evil
Introduction to Part IV: Focus areas of non-financial risk management
It won’t be over after Covid-19: Pandemics and operational resilience
Dealing with IT complexity and innovation: Delivering business resilience and customer outcomes
Protecting the new gold: Information security
Conduct risk and the impact of Covid-19
From lawsuits to models: Compliance risk and financial crime
Others are doing it cheaper: But can they really? Opportunities and risks in outsourcing
Managing reputation and stakeholders
Introduction to Part V: The future of non-financial risk management
ESG risk as a new (and very important) trigger for NFR
Looking into the crystal ball: What will NFR management look like in 2030?
This time will be different: An alternative future of NFR management
Right time, right place: The drive for change in operational and non-financial risk
“Knowledge without action is wastefulness and action without knowledge is foolishness.” Al-Ghazali
It was 1pm when Simon locked his screen, picked up the keys from the small table in the hall and hurried outdoors. Emma’s pre-school was closing early today and Mary-Ann was busy with the patients flooding the dental surgery she had opened in the little building adjacent to the main house. Simon jumped into the car, his mind already on the next video conference in 30 minutes time where he was supposed to take the lead (an important meeting). Get Emma, get back home, get something to eat – something to eat?! Gee, he forgot. There was neither time to cook nor enough time to collect something on the run. He would have to order, probably. Hadn’t Mary-Ann left a leaflet on the kitchen table when she hurriedly threw the mail in from the letterbox early this morning before going next door to her patients? Ever since he’d got a glimpse at the menu of the new Mexican grill restaurant that had opened at the other end of town, he had been keen on giving it a try. That could be an option.
He nearly flew up the doorsteps when they got back, Emma’s hand in his. They were quarrelling
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