Speaker Q&A BOE
Nick Strange, Director, Supervisory Risk Specialists, BANK OF ENGLAND
What are you most excited about for the future and what can the next generation of operational risk managers look forward to?
We introduce important concepts in our Discussion Paper on Operational Resilience: the continuity of business services, setting impact tolerances and managing response and recovery – all with the aim of improving the operational resilience of the financial sector. These concepts will all drive a renewed focus on the management of operational risk and engagement at very senior levels. There will no doubt be significant challenges ahead, but a resilient financial system is a very worthy goal - there’s never been a better or more interesting time to be an operational risk manager!
What in your opinion is going to be the biggest challenge for the operational risk industry as we move forward?
That depends where you are now. The need to think about operational resilience in terms of business services rather than systems or processes will be a significant challenge for some as it cuts across geographical, business line, legal entity and regulatory boundaries.
Please can you give us a glimpse into what you will be discussing in your keynote address?
As you might expect, I’ll be covering the principles we set out in our Discussion Paper, but I would aim too to give more insight into what we are doing as a regulator, both domestically and internationally.
Speaking of sessions, which of the other sessions at OpRisk Europe are you looking forward to?
It’s a very rich agenda, so there will be times when I’ll have to make a hard decision between workstreams, but I’ll definitely be following the discussions on third party risk management.