Operational Risk Management (ORM) is not a project with a deadline. It is a journey of a lifetime that requires continuous and adaptive change. There have been many great leaders who understood this during their quest for improving the quality of their environment:
"After climbing a great hill, one only finds that there are many more hills to climb. I have taken a moment here to rest, to steal a view of the glorious vista that surrounds me, to look back on the distance I have come. But I can rest only for a moment, for with freedom comes responsibilities, and I dare not linger, for my long walk is not yet ended." Nelson MandelaMr. Mandela endured the challenges of managing risk his entire life. With a life purpose that burned bright, he was able to endure the journey and mitigate the threats to achieving many of his ideas. Ideas for a higher quality of life for those living and working together in South Africa.
(CBS News) People across South Africa and around the world are honoring Nelson Mandela this weekend, in spontaneous and emotional outpourings that are as much a celebration of Mandela's life as an expression of grief -- bringing home the accomplishments of the remarkable man who died this past week at age 95 after a lifetime of struggling for justice.Whether your quest is to end apartheid, rule a nation or even a continuous battle with the operational risks surrounding you, the fight goes on. The process adapts to ever changing conditions, new rules, new laws and the latest formula for your adversary to achieve their goals. Those who never lose sight of the journey, completing the endless tasks to influence change, will endure. Only then, will the threats begin to diminish:
When U.S. regulators adopt the Volcker rule on Tuesday, they will make good on a promise by politicians to rein in banks' ability to gamble with their own money.
The coordinated action by five separate regulatory agencies is seen sparking a court challenge as Wall Street tries once again to avoid one of the harshest elements of the post-financial crisis crackdown.
The rule, championed by former Fed Chairman Paul Volcker, was a last-minute addition to the 2010 Dodd-Frank Wall Street reform law and takes aim at a business that had been a big money spinner for banks before the crisis.The measure bans banks from making bets for their own profits, an activity known as proprietary trading that regulators deemed too risky for banks that enjoy government backstops.
But banks argue the roughly 800-page rule will hurt markets because it is virtually impossible to distinguish profit-seeking trades from those needed to hedge against risks or trades executed on behalf of clients.
Operational Risk Management (ORM) requires a focus on the endgame. What does your vision of the endgame look like? Nelson Mandela achieved his and more. How long will it take to achieve yours?