By Tony Blunden; John Thirlwell
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Where would you rather deposit your money? A firm which is making a concerted effort in its operational risk management, or a firm which is unable or unwilling to articulate what it does? International and national accounting rules, and business review rules in the UK, have also joined the trend by requiring increasing disclosure of risk in the annual report and accounts. All of these are designed to bring risk management out into the open. But, again, many firms go beyond the minimum standards and a ‘boilerplate’ approach and see marketing gain from what was initially viewed as a tedious and oppressive necessity.
Operational risk management involves everybody. It is not hierarchical. Having established the environment, we can now move to the engine room of risk and control assessment, recording events and near misses and establishing and monitoring key indicators. Risk and control assessment (Chapter 4) is often the first operational risk management process carried out by an organisation. Initial assessments will almost always be subjective, but even then they can be of significant business value if they are linked to the firm’s strategic objectives.
If you can prevent a risk happening, you will have no reputation risk to deal with. And if you are the only one of your competitors to have avoided the risk, your reputation will inevitably be enhanced. indd 32 29/06/2010 09:52 2 · The business case for operational risk management 15 we show some of the many ways in which reputation can be harmed, but we also explain how operational risk management can reduce the chances of reputation risk occurring, as well as how to deal with a reputational crisis if it should occur.