Podcast: Right time, right place report
- 8 September 2021
The latest episode of the ORX Operational Risk Podcast is now available. This edition is a two-part episode exploring the drive for change in operational and non-financial risk. You can either listen through Apple Podcasts, Spotify or anywhere else you get your podcasts from (search for 'The ORX Operational Risk Podcast' to find us). Or, you can listen to the episode online.
About the episode
We're here today really to discuss change. Our view - it's not a unique view - is that financial services industry is targeting a digital transformation - so new customers, products, delivery channels, business models, competitors. And that transformation will impact the risks that our firms face and should impact how we manage those risks. And to be clear we think that the consequences of that transformation will fall most heavily into the operational and non-financial risk portfolio.
Simon Wills, ORX Executive Director
Operational and non-financial risk (ONFR) management has an opportunity to step up like never before and support financial organisations as they go through a period of rapid transformation.
To do so will mean making operational and non-financial risk resilient by using innovative technologies, which then enable risk leaders to innovate how they serve the business and actively add value. In this two-part podcast, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can do this in detail.
There is a need which is primarily driven by that digitalisation that you mentioned. That changes the way that institutions operate, it changes the customer expectation. All of that adds to a risk profile that's much more rapidly moving than previously. So there's a real need to maybe do operational risk differently - do it in a different way to how we've managed it before - but on the other side there is this huge opportunity.
Luke Carrivick, ORX Research and Information Director
This discussion follows the publication of a recent report that explores the future of operational risk in light of rapid digitalisation and other changes in the financial services industry. This report sets out two elements of operational and non-financial risk management – “Optimise” and “Active” – explaining how optimisation will only go so far in terms of keeping pace with the rapidly changing risk profile.
Download the report, Right time, right place: The drive for change in operational and non-financial risk
Listen to the full episode for more
You can listen online, or on Apple Podcasts, Spotify or anywhere else you listen to podcasts. Just search for 'The ORX Operational Risk Podcast'. And, don't forget to subscribe so you never miss an episode!