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Excelent Review of Peter Hughes' book "Where Next for Operational Risk" Published by the Journal of Risk Management for Financial Institutions

The volume 15, no. 3 of the Journal of Risk Management for Financial Institutions publishes a review to the “Where Next for Operational Risk” book by Peter Hughes, written by Dr Tom Butler, Professor in Information Systems and Regulatory Technologies at Cork University Business School, University College Cork, Ireland, in May 2022.

The full review can be read below, courtesy to:

© Henry Stewart Publications 1752-8887 (2022) Vol. 15, 3 301–304 Journal of Risk Management in Financial Institutions

Here are a few quotes from the review:

“Peter Hughes provides a sobering account of the financial industry’s approach to dealing with operational risk. With over 25 years of experience
in senior roles in finance, audit, operations, risk management and treasury and trading, Peter is well positioned to identify the serious issues facing banks’ boards and C-suite executives when it comes to nonfinancial risk.”

“In a short paragraph on page 6, Peter presents a devastating critique of what I call the current operational risk paradigm, in which the risk function focuses on assessment, not measurement, and operates with diminished financial accountability.”

“This short review cannot do justice to the scope and depth and empirical fidelity of his analysis.”

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About the book Despite twenty years of endeavor, it's thumbs down for the banks' approach to operational risk management. The Basel Committee on Banking Supervision has abandoned the flagship advanced measurement approach (AMA) - the in-house models banks use to...

“Where Next for Operational Risk” – Book Review on Amazon

“Where Next for Operational Risk” – Book Review on Amazon

“As a former risk manager in the IT outsourcing business, I believed that my risk management expertise was second to none. I have now realised that I was wrong. Reading through the preface, let alone the body of the book, made it clear to me that…