KPMG’s Operational Risk Management framework can support you to address your most critical operational risk challenges
KPMG’s Operational Risk Management framework can support you
In the past few years, financial institutions have been through an intense period of change that has greatly increased the potential for operational risks. New regulations, mergers and acquisitions, internal restructuring, changes to systems and technology and evolution of customer behavior bring management up against a potential minefield of risks and issues.
The industry has had to deal with wrongful trading scandals, external and internal fraud cases, cyber threats, third-party concerns, data leakages and business disruptions.
In addition, the way financial services organizations manage these risks is under greater scrutiny than ever before as they are liable to shareholders, regulators, and their customers. This is particularly the case for risks such as cyber risk, conduct risk, model risk, and for the more general topic of risk culture. Other increasingly important non-financial risks, reputational risks and strategic risks, excluded from Basel II’s strict definition of operational risk, also need further consideration.