Yet these often fly under the radar of more PR-friendly talk around cybercrime, money laundering and fraud defences.
There is relentless pressure for revenue growth, client acquisition and flow. But margin is just as important, if not more so. Every operational loss event that occurs because lessons have not been learned from previous failures, is a direct and significant hit to margin.
While risk management departments might be aware of the scale of the problem, how many people working in data reconciliations, operations or IT could tell you the average cost of a loss event? How much focus is being directed from the board and C-suite to make sure that operations have what they need to improve data quality and flow, introduce intelligent automation and remove manual touchpoints and opportunities for failure?
This Finextra white paper, produced in association with SmartStream Technologies, examines what more can be done to translate operational risk measurement into operational and financial margin improvements, and the barriers to overcome.