Risk management 7 lines of defense Risk and compliance culture Operational and financial recovery plans

Risk management is the exciting core of banking. Correctly identifying and managing risks has been part of the job description for hundreds of years. Correctly pricing the residual risks to economic agents supports the optimal allocation of resources.

Challenges for risk managers within banks, and the broader society, stem from the increased interconnection between risks, the allocation of new risks to bankers and the changing human behavior in our digital society. This has resulted in a substantial growth in risk management tools and risk managers in the 7 lines of defense.  In order not to lose focus, we need to keep on investing in the diversity across the 7 lines, in a strong risk & compliance culture and standard operating procedures focused on identifying and managing key risks and controls. This way, through oversight and insight, we are best equipped for current and future risks.



Tom Franck

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