2017 Award Categories

Practitioner categories:

Bank of the Year

The winning bank should have displayed exemplary operational risk management over the past 12 months, including appropriate responses to any op risks or losses, and/or bolstered its op risk framework via better modelling, or in another way. Particular weight will be given to evidence of adapting and learning from past events and evolving processes accordingly. Submissions must include granular detail on performance; we will require evidence to back up claims.

Insurer of the Year

The winning insurer should have refined its operational risk modelling or other aspects of its risk management, and/or responded effectively to operational risk events. Case studies of large or novel deals should be provided, along with underwriting numbers.

Insurance broker of the Year

The winning broker should be able to demonstrate a strong awareness of evolving client demands in the op risk insurance space, and be able to evidence the volume of deal flow it helped facilitate. Particular weight will be given to firms facilitating complex, bespoke or novel deals.

Asset Manager of the Year

The winning asset manager should have refined its operational risk modelling or other aspects of its risk management, and/or responded effectively to operational risk events. Particular weight will be given to evidence of adapting and learning from past events and evolving processes accordingly.

Regulator of the Year

This will be awarded to a national, regional or global regulator who has improved the principles of operational risk management and/or raised awareness of best practices and lessons learnt for firms under its jurisdiction.

Paper of the Year

Will be awarded to an already published paper that has demonstrated an innovative approach to operational risk management, through mathematical and/or statistical analysis.

Book of the Year

Will be awarded to an already published book that has elucidated an innovative or novel approach to operational risk management policy and practices.

Industry Initiative of the Year

This will be awarded to a product, group or approach that has made a significant contribution to operational risk measurement, management and/or transfer.

Outstanding achievement of the year

This award recognises a senior individual that has made a significant contribution to the op risk industry over the past 12 months or more. The category is open to practitioners at banks or buyside firms, consultants, trade associations, vendors, law firms, advisers and academia.

Nominations can be made by the candidates themselves, by colleagues or by employers/customers. Nominations should outline why the individual should win the award and demonstrate the contribution he/she has made to the industry, and may be emailed privately to the editor: Tom.Osborn@incisivemedia.com

Vendor categories:

Consultancy of the Year

The winning firm will have helped banks and institutional clients manage their operational risk, showing an awareness of ever-changing regulatory demands. Particular weight will be given to firms who can show evidence of having helped banks undertake large-scale compliance projects in order to meet a new regulation - BCBS 239, SR11-7 or GDPR, for instance.

Law Firm of the Year

Law firms pitching for this award should be able to show - and willing to evidence in detail - a strong track record of advisory work for banks and institutional clients. Particular weight will be given to advisory work for firms on ongoing regulatory initiatives impacting banks' compliance policies, and other matters relating to operational risk losses and liabilities. Work representing clients in fraud cases, for example, or against claims of misconduct or noncompliance, will also be strongly considered. Client testimonials are a must.

Best Cyber Risk/Security Product

Entries should evidence, in granular detail, the ways in which a vendor's product has improved financial institutions' security against online attack, whether fraud, theft, vandalism/denial of service or IP/data theft.

Best Financial Crime Product

Entries should show specific ways in which the product assists banks or financial firms, regulators or law enforcement users in detecting, preventing, deterring, investigating or prosecuting crimes carried out against the firm and the wider financial sector. Entries should include evidence that the product helps detect or deter financial crime - for example internal or external fraud - and helps defend against future threats.

Best GRC Product

Entries should include detailed evidence of how a vendor has coordinate banks' governance, risk management and compliance activities, in order to provide superior business intelligence and capital management in line with a company's internal policies and procedures and external laws and regulations.

Best Risk Analytics Tool

Entries should include functionality for risk-based portfolio modelling; 'what if' analysis; stress testing; Monte Carlo simulation; and the ability to provide VAR/CVAR and NAV figures. Particular weight will be given to vendors who can demonstrate agility in response to evolving demands from banks, whether driven by evolving best practice or regulatory change.

Best Regulatory Reporting Platform or Service

Entries should feature a way to ease the reporting burden for firms under regulations such as Emir, Mifid and the Dodd-Frank Act; automated production of reports; and ability to manage source data and to monitor production status.

Best Market Surveillance Product

Entries should incorporate detailed case studies on real-time surveillance capabilities for both internal and external obligations, including pattern-recognition software and case-building capabilities.

Best Newcomer (Vendor or Product)

This category is open to any provider/vendor established since April 2015, or any product launched since April 2015 with at least one major client already using it, which has had a significant impact of a bank or financial firm's op risk management capabilities.

Best Managed/Support Services Provider

Entrants (providers) should be able to illustrate their ability to provide managed services across entire business processes to meet client demands. Evidenced claims of rock-solid reliability will be given particular weight.

Best Outsourcing Provider

Entrants (providers) should be able to illustrate their ability to provide valuable, cost-effective and efficient outsourcing services across specific aspects of a bank's op risk processes.

Best Overall Product of the Year (cannot enter this category)

The winner of this category will be announced on the day of the awards, selected from a winning entry in one of the preceding categories.