Standardise op risk reporting, RBS’s Spielmann says
Despite the crisis giving operational risk the recognition it deserves, its value continues to be called into question. Craig Spielmann, head of operational risk at RBS Americas, talks about learning from credit and market risk practices and the benefits of an industry standard for operational risk
Though the financial sector is seeing billion-dollar operational risk losses on a monthly basis, the struggle to prove the worth of good operational risk management is still not won. Speakers at the OpRisk North America conference in New York in March this year complained that the value of the op risk function was still being questioned – with a pre-crisis mind-set encouraging senior managers to value traders over control functions. Others warned that operational risk managers still suffer from
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