How do emerging risk management practices at large institutions, particularly in operational risk management, benefit the whole industry?
GW. The development of Key Risk Indicators is a good example of work done by a small group of large institutions to quantify and catalogue all the various risk areas. Eventually, perhaps in five years, that work will benefit smaller banks. Another way emerging practices spread throughout the industry is through individual risk managers. In the past, we focused on the institution and then the people who were part of that institution. Today, people don’t spend their career at one institution. They’re fairly mobile. We want to make sure that we stay connected with them and that they stay connected to their profession. We’re developing strategies on how RMA membership can be as mobile as our risk professionals’ careers. The credit risk certification program is one way we are doing that. Also, the chapter network provides portability of membership since there are two levels of membership – institutional and individual associate. Meanwhile, it is important to note that, despite consolidation
Related Questions
- Beyond benefits to the corporate sector and large institutions, does private equity benefit the broader economy and society?
- Can the competitive model meet the unique operational demands of the emerging IP-Communications industry?
- Can Impact & Benefit Agreements Work as a Bridge Towards More Sustainable Practices in Mining Industry?
