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Challenges ORM Staff Faces
>Regulators do not force enough
>Board/ Executive Management has low
priority on ORM
>Success Stories not very frequent – Still
searching for monetary benefits
>Not easy to scope it – Banks find it
difficult to draw a line where not to engage operational risk. Hence role is
not clear leading to confusion and frequent changes in resources
>Practice vs models – Implementation across
the bank for all support functions and integrating/translating the results into
models – models are not proven
>Lack of Experienced Resources: RCSA
workshops cannot be conducted by Junior Staff – Requires Leadership and People
Management
>Standardization of risk taxonomy/common
definitions across the bank