Top 10 operational risks for 2020
Welcome to Risk.net’s annual ranking of the top op risks for 2020, based on a survey of operational risk practitioners across the globe and in-depth interviews with respondents.
As in years past, there’s no great secret to the methodology: Risk.net’s team gets in touch with 100 chief risk officers, heads of operational risk and senior practitioners at financial services firms, including banks, insurers, asset managers and infrastructure providers, and asks them to list their five most pressing op risk concerns for the year ahead. The results are then weighted and aggregated, and are presented in brief below and analysed in depth in 10 accompanying articles.
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Top 10 operational risks for 2020
The biggest op risks for 2020, as chosen by industry practitioners
Top 10 op risks 2020: IT disruption
Risk of downed systems, from hack or outage, continues to make op risk managers fret
A growing focus on op risk
Operational risk and resilience have taken centre stage over the past year. While op risk concerns all systems and controls that deliver effective solutions against the risks financial services businesses regularly face, Jonathan Peddie, partner at Baker…
Top 10 op risks 2020: data compromise
Hackers, thieves and wobbly in-house data management keep this category near the top of the list
Top 10 op risks 2020: theft and fraud
From mega loan fraud to canteen theft, the danger is ever present
Top 10 op risks 2020: outsourcing and third-party risk
Respondents worry about risks stemming from an opaque web of vendors with poor controls
Top 10 op risks 2020: resilience risk
In an entwined financial system, an outage at one bank can reverberate through many more
Top 10 op risks 2020: organisational change
New tech has created perennial state of flux in banking, as other kinds of shake-ups continue
Top 10 op risks 2020: conduct risk
Root-and-branch reform of bank culture remains a work in progress
Adapting to technological change in op risk management
Baker McKenzie‘s Jonathan Peddie explains how the role of operational risk manager has evolved in recent years, how financial firms are managing increasing demand for data privacy and transparency, and how technological advancements over the coming…
Top 10 op risks 2020: regulatory risk
New technology and reams of red tape make non-compliance fines more likely
Top 10 op risks 2020: talent risk
Firms struggle to reduce headcount and fill gaps without cutting corners
Top 10 op risks 2020: geopolitical risk
Nationalism, trade wars and epidemics make for a heady cocktail