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Chief risk officers in financial services need to be far more than financial risk experts today. Firms need to fundamentally change how they develop risk executives to ensure they will have the leaders they need.
Since the global financial crisis, operational risk failures globally have cost the financial services sector more than US$145.8bn. While the industry has recognized that operational risk is broken, attempts to fix it have tended to take a conservative approach, recruiting risk officers from within the industry, and the impact on operational risk culture has been limited.