Risk Management assists the Bank in assessing and managing the risk we face in the operation and to identify possible issues before they materialise. This involves analysing, measuring and developing metrics for risk factors in the Bank’s operation and monitoring these factors.
We work closely with other units within the Bank which makes our jobs varied and enjoyable. We actually work with all of the Bank’s departments, though most closely with Compliance and IT. The Operational Risk department spearheads work on the Bank’s certification under the information security standard ISO 27001. Information security is continuously evolving. This makes it a challenge we enjoy tackling. Landsbankinn has been certified compliant with ISO 27001 since 2007, a fact we are very proud of.
Information security has been a priority with us in recent years. The Bank has ambitions to do well yet the demands made of us are always growing. This is a challenge but also an opportunity to maintain our position as a domestic leader in information security. I consider us extremely lucky in the team of experts leading this charge in UT. The opportunities for us in Operational Risk lie in supporting the Bank in becoming a data-driven company and to utilise information technology even better in our work.
The external regulatory environment is constantly growing and regulators’ interest in operational risk has increased substantially. Information security is a hot topic, as are privacy and data protection - which of course are strongly tied to information security. Another new addition to operational risk in the past 1-2 years is ESG risk, that is risk connected to environmental, social and governance factors. The Bank has adopted a Sustainability Policy and we are working with the Sustainability Team in Community to develop our approach to ESG risk for the future."