October 18, 2023 (NO COMMENTS)
This article is the fourth in our series scrutinising op risk practices at regional, domestic and other lenders – see the methodology below for more detail. The other articles in the series can be found here. “D’oh!” Banks fear run-of-the-mill errors for the same reason everybody does: they’re impossible to eliminate. What is possible, heads of operational risk hope, is doing a better job of catching them before they morph into billion-dollar losses. There are plenty of examples beside Citi’s