Financial services are not alone in being exposed to large, catastrophic operational risks. Other capital‑intensive industries, such as energy, aviation, and natural resources, have their own histories of calamity, including nuclear accidents, plane crashes, and oil spills.
Despite the shared exposure to such losses, operational risk management in financial services has developed along a path that differs markedly from the path taken by other industries. There are some good reasons for this: financial firms have distinctive characteristics. Still, financial firms can learn a lot by looking at how other capital-intensive industries manage their operational risk.