Ten years after our 2005 survey of ORM professionals during the introduction phase of operational risk as a new risk discipline, Protiviti conducted a similar study in collaboration with Operational Risk and Regulation Magazine – in response to recent developments in the regulatory space, and to compare and contrast both sets of results to assess what progress financial services organizations have made in the ORM space over the past decade.
Key findings include:
- ORM professionals are working to contribute value and greater influence on business activities
- Emphasis on improving ORM capabilities of first line of defense
- Pressure on staffing levels impacts ORM’s capability to credibly challenge the business
- ORM data quality needs significant improvement
- Need to focus and strengthen ORM fundamentals
This survey report assesses the results from the Global State of Operational Risk Management Survey conducted by Operational Risk and Regulation Magazine and Protiviti. It also highlights the next step for ORM: to become more closely aligned with the business as well as compliance and internal audit to create a more flexible framework where they can leverage skills, methodologies, processes and knowledge to develop a more proactive risk management framework that works with the business and is more efficient in its use of resources.