Steady progress — But could do better

The economic returns of a successful operational risk program are significant, running into tens of millions of dollars annually for large financial institutions, according to a new survey conducted by Operational Risk magazine and SAS UK. But while there has been progress over the past 12 months there is still a lot to do. Incredibly, a fifth of global respondents do not even have a program in place. Difficulties in collating clean data and poor awareness among staff are the major obstacles, and companies have not yet worked out the best organizational framework for addressing risk.