The Operational Risk Awards 2020 features a dozen categories – read on to find out where your firm should best seek recognition.
For more information about the entry process, please visit how to enter.
Bank of the Year
The winning bank should have displayed exemplary operational risk management over the past 12 months. This could include, for example: demonstrating a strong response to past op risk breaches, losses or control failures; bolstering of an op risk framework via better controls, reporting or organisational changes; advances in the quantification of potential losses from hard-to-model risks, such as losses from cyber attacks; initiatives to bolster risk culture. Particular weight will be given to evidence of adapting and learning from past mistakes, and evolving processes accordingly. Submissions must include granular detail on performance; judges will require evidence to back up claims.
Insurer of the Year
The winning insurer should have made significant refinements to its operational risk framework that have driven real, evidence improvements for the business; it should have responded effectively to industry-wide op risk threats, and be able to demonstrate why its approach marks it out from its peer group.
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 who have facilitated large, complex or novel deals.
Asset Manager of the Year
The winning asset manager should be able to demonstrate improvements in operational risk best practice during the past 12 months. Improvements to control frameworks, or initiatives to bolster risk culture will be all be considered - as will effective responses to operational risk events. Some 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. Nominations are invited for this category, and may be emailed privately to the editor: Tom.osborn [at] infopro-digital.com.
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.
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 regulation – SMA adoption, operational resilience rules, 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.
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 [at] infopro-digital.com.
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.
Financial market infrastructure of the year
This award is aimed at exchanges, clearing houses, trading platforms and payment network providers – those whose strong operational resilience is critical to the orderly functioning of the capital markets. Entrants should be willing to demonstrate how their thinking on non-financial risk has changed in order to keep up with regulatory demands and an ever-changing threat profile. As much weight will be given to those with a track record of few or no breaches or outages, as to those who have evolved their framework in response to an op risk event.