Operational risk management in banks and financial institutions has evolved immeasurably since the global financial crisis in 2008. Many new regulations have been introduced and hefty fines levied for those that contravene them. According to industry analysts, such as McKinsey, the rate of change for the industry is set to continue in the coming years. Trends suggest that successful organizations are those that have a strong risk management culture and that are able to deliver short-term results while preparing for coming changes.

As a result of technology organizations have increased in size and complexity while profit margins are being driven down by new challenger banks with innovative new services. With tight budgets and an increasingly high governance and legislation burden, organizations that foster an enterprise wide, risk aware culture across all operations will be well placed to execute better business decisions.