Without attention, controls will deteriorate, become obsolete or become sub-optimal.
Even though most organisations will advocate the importance of controls, controls are usually not well understood or managed.
This often leads to a control framework that inadequately addresses risk, is not effective, is not fit for purpose and is cumbersome and costly to manage and maintain.
David Tattam is the author of "A Short Guide to Operational Risk" and is recognised internationally as a specialist in all facets of risk management and in particular, enterprise risk management. Prior to founding Protecht in 1999, he held roles as the Head of Operations and Risk Management at two international banks, WestLB and The Industrial Bank of Japan.