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A GlobeRisk Perspective on Operational Risk Management

The story we hear all the time is... “We have a great Operational Risk Framework...but we are having a problem imbedding it into the organisation”. Our view is that if a firm is still in a process of implementation then all may be well... However... in most cases the real issue is that the implementation just isn’t working.

In our view (and that of at least the UK financial sector regulator), the major problems are as follows:

Of course, the real issue is that Operational Risk does not exist as a single risk area. In reality Operational Risk is a collection of specialist areas which, if all managed well, together lead to good Operational Risk Measurement

The response to these issues is NORA (New Operational Risk Approach). NORA was originally designed and implemented in a top 5 UK Financial Services firm. Post NORA, that firm is generally regarded as the leading UK firm in this area of risk management and one of only a very few across the world to have the coveted Operational risk “Advanced Modelling” status for this area.

NORA is a principles based approach to Operational Risk Management which is designed to be customised/aligned to an individual firm. NORA is based on three key concepts:

Since its first conception NORA has been improved to target faster rollout

GlobeRisk Operational Risk Services

In 2007, GlobeRisk offers the following services in the Operational Risk arena