As the financial-services industry becomes increasingly digitalized and reliant on third parties and technology, the need for robust end-to-end (E2E) process management is more evident than ever.
To help institutions manage their nonfinancial exposures, McKinsey has collaborated as a knowledge partner with ORX, the world’s largest operational risk management association, and its members to create the world’s first reference process and service library for operational risk. The library is based on 60,000 processes and services submitted by 50 banks and insurers, bringing together a mapped resource for operational processes and services (see sidebar, “Our methodology”).
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