Joshua Rosenberg: Operational risk management at the Federal Reserve Bank of New York Remarks by Mr Joshua Rosenberg , Executive Vice President and Chief Risk Officer of the Federal Reserve Bank of New York, at the 18th Annual OpRisk North America 2016 conference, New York City, 15 March 2016. *  *  *  Good morning. I would like to thank the organizers for inviting me to speak at this year’s OpRisk North America conference. Today, I will share my perspectives on operational risk based on my experiences at the Federal Reserve Bank of New York including those in my current role as the Bank’s Chief Risk Officer. Before I begin, I wanted to state that the views I will be expressing are mine and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System. As you know, operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or external events. The New York Fed faces operational risks because, like other public and private institutions, it relies on people, processes, and systems to execute its objectives, and, in the same way, the Bank is subject to external events that can impact the effectiveness of our people, processes, and systems. To give you a better sense of the New York Fed as an operational entity, I wanted to touch briefly on the broad range of the Bank’s operations.
Are we finding the right balance in our controls between specificity of rules and the adaptability of principles? These and other questions will continue to focus us on improving and enhancing our policies and practices with the goal of supporting the Bank’s ability to manage risk within its risk tolerance. Thank you. 4  BIS central bankers’ speeches