Operational risk has been existent in the financial institutions industry since the evolution of the industry. Modern banking has undergone a sea change and there is a greater emphasis on managing operational risk. The Basel II Accord is an attempt to mitigate these risks in today’s volatile environment. There is a growing need for banks to explore new avenues for operational risk mitigation and insurance capital can play an important role in this process.
Banks in India, Bank on Marsh at the Financial Institutions Conference
Marsh India recently organised a Financial Institutions Conference, which provided an opportunity for banks to discuss the operational risk issues that they face as a result of the changing business, economic and regulatory environment. This conference gave attendees the chance to discuss the upcoming challenges of implementing Basel II and advanced measurement approach (AMA) for banks and share thoughts on how insurance capital can be used to effectively manage operational risks.
Topics discussed at the event included; 'Challenges in Operational Risk Management for Banks', 'Basel II' and 'Insurance Valorisation'. During this conference Mr. Marc Paasch, Head of Marsh Risk Consulting for Financial Institutions, discussed the global trends and challenges in Operational Risk Management (ORM) for financial institutions methodologies, adopted by some European banks in risk management and insurance optimization.
The conference also included a panel discussion on operational risk management and the role of insurance. The panel included experts from the banking and insurance industry and discussed in detail the state of the industry and current operational risk management challenges faced by banks.
The Financial Institutions Conference was attended by over 100 people, representing the majority of banks in India. The event was a huge success and extremely well received by all attendees. The feedback received has prompted Marsh India to make this conference an annual event in order to create future opportunities to engage and interact with banks and industry experts.
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