Behavioural Risk Management Matters – Be aware

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Behavioural Risk Management Matters – Be aware

November 03, 2020

Switzerland
Switzerland
Switzerland
It is not that difficult to list a number of operational risk management failures, including fraud and corruption scandals, non-compliance, as well as major accidents. The London whale, the Libor-scandal, material fines for banks for lacking anti-money laundering controls, the BP oil spill and its consequences, to name a few.

A common denominator and explanatory factor seems to be – surprisingly – human behaviour.

Risk management practices have devoted a great deal of attention to develop standard frameworks and hard controls in terms of design, existence and operating effectiveness. But behavioural and cultural aspects – the soft side – are less frequently addressed.

It is too simple however, to assume that assessing and improving human behaviour only is enough to prevent operational risk management failures.

In this article, control frameworks and individual behaviour are connected to organisational culture.

Please follow the link to access the full article: Behavioral Risk Management Matters - Be aware, 3 November 2020

The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.

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[CarlsonD]_portrait_web_crop_newstyle

Déborah Carlson-Burkart

Of Counsel

Bern, Switzerland

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