The operational risk profession will undergo significant changes as companies adapt and evolve their approach to managing operational risk.
FREMONT, CA: Financial institutions’ operational risk management teams had a rough year in 2020, and it appears that 2021 will present even more obstacles as regulators worldwide press ahead with postponed plans, new risks, and old ones rising to the top of the agenda.
Managing these risks efficiently will significantly impact whether enterprises can meet critical business objectives for risk professionals and their organizations. Operational risk management will almost certainly be modified as a result of overcoming these issues.
The operational risk profession will significantly transform as companies adapt and evolve their approaches while managing operational risk. They may expect significant enhancement in data quality, increased automation, and more advanced use of technology to better assess risk and risk-related operations in the future.
As a result, operational risk teams must be in a far better position in 2021 and beyond to bring meaningful value to their businesses, senior management teams, and boards.
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