The results will be published in March 2007.

John Kiddy, CEO, Chase Cooper said, "We believe that an effective Operational Risk programme gives enormous upside opportunities for firms, over and above regulatory compliance and capital efficiency. The opportunities for enhanced business efficiency and for improving business processes can derive directly from the information being collected by many Operational Risk departments. We have long believed that the practice of Operational Risk will evolve into an enabler for the whole organisation to focus on customer requirements and shareholder value.

Six Sigma has been defined as 'a comprehensive and flexible system for achieving, sustaining and maximizing business success. Six Sigma is uniquely driven by close understanding of customer needs, disciplined use of facts, data, and statistical analysis, and diligent attention to managing, improving, and reinventing business processes'. (1)

The parallels with Operational Risk programmes and the potential benefits that can flow from these activities are clear, and we hope that the questions raised in our survey contribute to the debate, and raises awareness in the market of the enormous benefits that can be derived from Operational Risk".

The survey can be accessed online from here.

(1) Pande, Newman, Cavanagh: The Six Sigma Way, McGraw-Hill.

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