Risk management has always been a complex function for banks and financial institutions. The risk function at BFSI sector is evolving from being a .. Read more number-crunching function to a more dynamic business enabler, focusing on risk arising from complex products, diversified operations, diverse workforce, multiple channels and regulatory compliance at regional and global levels. Therefore "Operational Risk Management" has come in to force since 2001, when it was recognized as a distinct class of risk outside credit and market risk, by Basel III. Further, compliance regulations, like Basel III and SOX, mandate a focus on operational risks, forcing financial organizations to identify, measure, evaluate, control and manage this ubiquitous risk. This makes ORM one of the most complex and fastest growing risk disciplines in financial institutions. Overall 58% of banks initiated the process of identification of operational risk, however, only 36% public sector banks and 20% of financial institutions have initiated the process of ORM. The 3rd Annual Operational Risk Management Asia Summit 2020 focuses on the BFSI sector to discuss the compliance, stay up-to-date on the risk & latest legal changes and technology.
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