Last spring, Comptroller of the Currency Thomas J. Curry gave a speech about risk at the Exchequer Club in Washington D.C. Though the credit risk failures of the previous few years still cast a shadow over the industry, Curry did not single them out as the topic of his speech. Rather, he pointed to operational risk as “currently at the top of the list of safety and soundness issues for the institutions we supervise.” Perhaps unnecessarily, he added, “This is an extraordinary thing.” In the wake of a credit crisis that brought the global financial system to its knees, the...
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Chris Costanzo is a freelance writer based in Maplewood, New Jersey who writes on technology and bank management issues.