While the importance of models and loss data in quantifying operational risk may be quite apparent at least to practitioners of the art - the importance of the qualitative aspects may be less so. In practice, though, these qualitative aspects are no less important to the successful operation of a business - as events continue to demonstrate.
In particular, if the staff members at the senior level firmly accept these changes, take the initiative and set examples for others, then there will be tangible results. We will also have to devote redoubled efforts to managing the risks that can occur in the conduct of our institution’s operations.