We are proud our success continues to attract significant external recognition. Leading financial markets magazine Euromoney has named UBS Best Global Bank, the top award. This honor reflects our ambition to stand out as a bank that’s winning in the new paradigm for our industry and is a testament to our efforts to create superior value for our clients, employees and shareholders.
Sergio P. Ermotti, Group Chief Executive Officer of UBS said: "On behalf of the 60,000 employees of UBS I want to thank Euromoney for this important recognition. This will further reinforce our determination to continue to execute on our strategy in order to create value for our clients and shareholders."
Euromoney has been recognizing outstanding performance in the financial industry through its annual Awards for Excellence since 1992. These now cover more than 20 global product categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world.
UBS wins Operational Risk 2016 Bank of the year award
UBS received the Operational Risk 2016 Bank of the year award recognizing the firm's work to improve its operational risk management disciplines. Since UBS's restructuring in 2012, the firm has reorganized its risk and compliance functions, devised a new firm-wide risk taxonomy and assessment process, and significantly strengthened employee behavior and conduct monitoring.
Among the key achievements is the bank's revised comprehensive, firm-wide risk taxonomy, covering conduct, compliance and operational risks as well as its common materiality rating scale for issues. These measures helped the three lines of defense to be better aligned, more easily communicate and collectively focus on the most important risk areas. Senior managers now rigorously and critically test themselves on whether they have the right controls for the risks they run and proactively confirm they are operating effectively.
This prize also recognizes UBS's initiative to merge the operational risk and compliance functions, which started in 2013 and was completed in early 2016."The aim of this merger was to leverage the respective strengths of both functions, allowing the new operational risk and compliance teams to take a more joined-up view of the biggest risks facing the firm," explains James Oates, Global Head of C&ORC.
Read the Risk.net article here .