Out of the comfort zone
Operational risk managers are often conditioned to expect the unexpected. But recent events have sprung surprises to such an extent that many are struggling to make sense of it all. Duncan Wood looks at the human impact of the financial crisis
The credit crisis has a public face: depositors queuing outside banks, sombre finance officials on the evening news, tumbling equity markets and traders with their heads in their hands. It seems to be all about market, credit and liquidity risks. But behind the scenes, operational risks are piling up, too. Market infrastructure and back offices are being tested as trading volumes spike; legal liabilities are piling up that will be resolved in the coming years; and some banks face tough
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