Roland Kennett, director of mmbership at ORX comments, “It is good to see that ensuring risk teams have the right talent is a key priority for many firms. Reassuringly, the survey found that there has been an increased awareness in the importance of prioritising people development in operational risk as a result of Covid-19 with over a third (36%) of firms increasing their focus in the last year. Published by ORX, the world’s largest operational risk association with a membership of over 100 banks and insurers globally, the 2021 People Capability Survey which was undertaken this month polled ORX members from banks and insurers worldwide. However, whilst banks may be committed to having sophisticated frameworks in place for people and skills development, less than a quarter (24%) polled were satisfied with the training available across the industry – vital to close any skills gaps and bring new talent into the industry. Reassuringly, 34% said that people development frameworks are mature and 49% said that these are currently in development. A recent people capability survey by ORX has revealed that global financial institutions are recognising the importance of people power with 83% of banks and insurers polled currently mapping skills and knowledge requirements.
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