Thirty operational risk professionals from across Germany, representing regulators, banks, insurance brokers and consultants, launched the German chapter of the Institute of Operational Risk (IOR). Operational risks are those that result from inadequate or failed internal processes and systems, human factors and external events, in contrast to deliberately assumed risks such as credit.
The German Chapter of IOR will promote the development of the discipline of managing operational risk and provide support to practitioners in one of the world’s leading economies and concentrations of financial services. The Chapter will also seek to open a dialogue with regulators and other relevant associations in order to further promote awareness and recognition of the discipline.
Walter Dutschke, operational risk management expert in Germany, is the first Head of the Chapter. He said: “The impact of operational risk on reputation and shareholder value has long been underestimated. In Germany operational risk is increasingly regarded as a key management function in financial institutions. However, there are still areas that need improvement, and OpRisk Management needs to cope with changing conditions.”
“We believe that by creating a platform for IOR members to share and learn, we will highlight the value of operational risk management.”
“We will focus on building professional and social networks with activities based on a theme of continuing professional development so that training, education and knowledge transfer are high on the agenda.”
“Membership will be open to practitioners in all industries where the operational risk management function is regarded as an essential element of their business activities.”
IOR Chairman Edward Sankey commented: “Setting up the Chapter in Germany demonstrates the growing awareness of the distinctive and important discipline of strategic and operational risk management.”
“Walter and his colleagues have brought great enthusiasm and commitment to establishing this Chapter. I am sure the IOR events will be of great value to members in Germany as they are in other countries with local chapters.”
For further information contact
Edward Sankey, Chairman the Institute of Operational Risk at telephone: +44 (0) 7966 031931, email esankey@ior-institute.org
or
Walter Dutschke, Head of the German Chapter of IOR,
telephone +49 (0) 172 814 3603, email wdutschke@ior-institute.org
Notes for editors
The Institute of Operational Risk
Established in January 2004, the Institute of Operational Risk is an organisation that has as its primary aim the promotion of skills and standards associated with operational risk management. It is an independent, not for profit, professional body designed to support its members through the provision of:
- High standards – against which membership and professional competency is judged
- External events – for the promotion of ideas, ongoing professional development and networking
- Research – to assist the above and ensure the continual improvement of methods, techniques and knowledge
- A knowledge centre – the development of a robust and informative knowledge centre for operational risk management
