ORX Chairman Mark Cooke discusses role of the umbrella function
- 19 January 2018
Mark Cooke, Global Head of Operational Risk at HSBC and the chairman of the ORX board, was recently interviewed by the Center for Financial Professionals on the role of operational risk as an umbrella function and how it can provide more value to the financial industry.
In the interview, Mark discussed how an operational risk umbrella function can benefit the rest of the organisation, as well as how to create an effective culture of risk management and what the future looks like for operational risk.
What benefits can the umbrella function bring to your organisation?
Since 2017 we've been busy researching the umbrella approach to operational risk management. We began by interviewing a selection of our members who are on their way towards implementing an umbrella framework.
We then extended this to a comprehensive study involving a wider range of financial services firms, to learn more about the benefits and challenges of an overarching operational risk framework.