In this latest episode of Risk Is Our Business, Captain Michael Rasmussen connects via subspace (okay… a Zoom call) with Marc Leipoldt, CEO of Global Risk Advisory Services.

Marc and Michael take a candid look at the state of operational risk management in financial services today. Has it become little more than a Basel-born compliance checkbox? Or can it truly guide strategic decision-making and protect the organization when volatility strikes?

Together, they outline what good operational risk management really requires, starting with deep understanding of how the bank actually works—its processes, systems, and the complex interactions between them. Marc emphasizes that KRIs must be actionable and aligned to accountability, not just dashboards for dashboards’ sake.

They also grapple with the messy truth of technology in risk. GRC tools are accelerators, not saviors, and without a clear strategy, strong governance, and well-defined processes, no platform will deliver the transformation banks are hoping for.

And finally, Marc looks five years ahead. What will operational risk maturity look like across global banks? How will regulatory expectations evolve? And can risk finally break free from compliance-only thinking to become the steward of organizational foresight?