In a series of interviews that took place in January and February 2018, Risk.net spoke to chief risk officers, heads of operational risk and senior practitioners at financial services firms, including banks, insurers, asset managers and infrastructure providers. Based on the op risk concerns most frequently selected by those practitioners, we present our ranking of the industry’s top 10 operational risks for 2018 (see note on methodology at bottom of article).
#1: IT disruption
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IT disruptions – whether from a disabling cyber attack, or the more mundane causes of human error or failure of aging hardware – are considered the top threat to financial services firms for 2018 by senior operational risk practitioners.
Ensuring resiliency against disruptive cyber attack is an impossibly broad task, op risk managers admit, taking in everything from information security controls to scenarios and war games, third-party oversight, data protection and fraud authentication processes.
In recognition of the proliferating nature of the threat, last year’s single ‘Cyber risk’ category has been…
