OpRisk Awards 2021

Hosted by Risk.net, these awards honour excellence in op risk management, regulation and risk management service provision.



OpRisk Awards 2020




Recognising excellence in operational risk management

The threats financial firms face as part of their daily business continue to morph in new and dangerous ways – ones that are often difficult to quantify, and which require constant vigilance to guard against. From JP Morgan to UBS, many chief risk officers tell Risk.net they spend a majority of their time thinking about the insidious effects of non-financial risk on their business.

These awards recognise firms who are thinking differently about op risk, are learning from past mistakes, and who see the function as an active shield against costly missteps and reputational damage, to protect themselves and their customers.

Past winners have been recognised for adapting staid risk and control processes such as key risk indicators to dynamically enhance reporting, and ultimately bolster their bottom line; others have been rewarded for learning from past op risk events and evolving their frameworks accordingly.

The awards recognise:

  • Thought leadership within operational risk management, including appropriate responses to loss events;

  • Improvements in frameworks that have driven tangible benefits for customers, the business, and other stakeholders;

  • The value original research in the field offers for the wider industry;

  • The contribution individuals have made to the discipline, both within their institution and beyond.

Penny Cagan

Managing director


David Glendinning

Chief risk officer UK

Société Générale

Jay Newberry

Risk management executive and consultant

Jay Newberry has over thirty years of experience in risk management. 

Currently, he is engaged as Principal, Greenwich Risk Management Consulting, focused on Enterprise Risk Management and Operational Risk Management in the financial services industry.

Recently, Jay also served as an adjunct Lecturer in the Enterprise Risk Management Program at Columbia University teaching courses in Operational Risk Management, and Traditional Risk and ERM Practices.

Jay retired from Citigroup where he was responsible for the global Operational Risk Policy and Framework for identifying, assessing, monitoring, and communicating operational risk and the overall effectiveness of the control environment.

His responsibilities included standards for Risk Identification and Monitoring, spanning risk appetite, key operational risks and key indicators, and concentration risk.  He was also responsible for standards for Scenario Analysis and related stress loss forecasting processes.

In addition, Jay established and oversaw the independent verification processes for operational risk covering Basel AMA and CCAR and has facilitated a number of key global operational risk management governance committees.

Jay led U.S. regulatory relations for operational risk and partnered across Citi on global regulatory matters.

In his most recent role, he had responsibility for developing Citi’s Lessons Learned Policy and program, spanning all risk types.

Jay’s prior experience at Citi included leadership positions in developing and executing credit risk analytics, portfolio derivatives, risk capital, and credit portfolio management tools.  He began his banking career as Senior Analyst in Citi’s Corporate Finance Analysis Department where he engaged in marketing initiatives and credit approvals for the large corporate market.

Jay earned his BA degree in Economics from Middlebury College and his MBA from the Tuck School at Dartmouth.


Rajat Baijal

Managing director, global head of enterprise risk

Cantor Fitzgerald

Fred Harris

Head of cybersecurity risk, data risk and technology risk

Société Générale

Joseph Iraci

MD, financial risk management, CRO, lecturer and author

former TD Ameritrade, UBS, BNY Mellon

Joe Iraci is a Managing Director at TD Ameritrade where he heads the Financial Risk Management team. Prior to this position he headed the Financial Markets Services Group, and the Corporate Risk team. Prior to joining TD Ameritrade Joe held several senior risk management positions within Fidelity Investments at both Fidelity Employer Services Corporation and Fidelity Brokerage Company. Joe previously had been the Head, New Business Operations, UBS AG, and the Regional Head Americas / Deputy Global Head of Operational Risk at Deutsche bank AG, a position he assumed from heading the Business Risk Management for Deutsche Bank's Corporate Trust and Agency Services business. Prior to joining Deutsche Bank, Joe had been a Bank Examiner with the FDIC and served in the United States Marine Corps. Joe completed his undergraduate studies at St. John's University and received his MBA from New York University.

Congratulations to our 2020 winners!


Book of the year

Ariane Chapelle


Asset manager of the year

Federated Hermes


Industry initiative of the year

ABA and MStar


Paper of the year

Peter Mitic and Jiaqi Hu


Consultancy of the year