HSBC op risk team "were not delivering full value", Cooke says
A year into an overhaul of its operational risk function, HSBC's op risk head Mark Cooke described how it had suffered from over-complexity and a 'mechanical' approach
Mark Cooke, global head of operational risk at HSBC, told delegates at the OpRisk Europe conference in London today (June 11) that "op risk now has a much more skilled and experiential role than the mechanical feature we've seen in the past".
HSBC took the decision a year ago to pause and take stock of the operational risk function. "We said OK, what is working? What is not working? And we worked out what we needed to do."
One significant problem identified was what Cooke termed "a cargo of
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