Rebuilding Operational Risk Management Capabilities: Lessons Learned from COVID-19

• 영문명: Rebuilding Operational Risk Management Capabilities: Lessons Learned from COVID-19
• 발행기관: 한국유통과학회
• 저자명: Barkha JADWANI Shilpa PARKHI Kiran KARANDE Prashant BARGE Venkata Mrudula BHIMAVARAPU
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 9 No.9, 249~261쪽, 전체 13쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2022.10.31

영문 초록

Globally, COVID-19 has significantly impacted many different organizations and people. From the banks’ perspective, this pandemic has affected banks’ corporate and retail customers. Also, banks had to adjust to distributed workforce model. This paper analyses the lessons learned from the COVID-19 pandemic, which can be effectively used to rebuild banks’ Operational Risk Management capabilities. The present study used the survey research methodology, which includes structured questionnaires completed by senior banking professionals to analyze the learnings from COVID-19 and understand the distributed workforce model and remote working effectiveness. Findings: The Pandemic accelerated the pace of digital transformation. The lockdown imposed due to the pandemic led to employees working remotely, which has been effective because of enhanced digital capabilities. However, enhanced monitoring is required to prevent data-related issues, and action needs to be taken to address challenges faced in having a remote distributed workforce model, like negative impact on on-thejob learning, data-related risks, and employee wellbeing. COVID-19 is an unprecedented event that could not have been predicted in any scenario analysis. This crisis has highlighted various systemic drawbacks that need to be addressed. Banks can apply the lesson learned from this Pandemic to become more robust in the future.

목차

1. Introduction

2. Literature Review

3. Methodology and Results

4. COVID-19 Impact on Banking Regulations

5. Lessons Learned from COVID-19

6. Managerial Implications

7. Conclusion

References

키워드

Operational Risk Banks Operational Risk Management COVID-19