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Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework

Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework

Philippa X. Girling

ISBN: 978-1-118-74478-9 September 2013 352 Pages




A best practices guide to all of the elements of an effective operational risk framework

While many organizations know how important operational risks are, they still continue to struggle with the best ways to identify and manage them. Organizations of all sizes and in all industries need best practices for identifying and managing key operational risks, if they intend on exceling in today's dynamic environment.

Operational Risk Management fills this need by providing both the new and experienced operational risk professional with all of the tools and best practices needed to implement a successful operational risk framework. It also provides real-life examples of successful methods and tools you can use while facing the cultural challenges that are prevalent in this field.

  • Contains informative post-mortems on some of the most notorious operational risk events of our time
  • Explores the future of operational risk in the current regulatory environment
  • Written by a recognized global expert on operational risk

An effective operational risk framework is essential for today's organizations. This book will put you in a better position to develop one and use it to identify, assess, control, and mitigate any potential risks of this nature.

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Preface ix

Acknowledgments xi

Chapter 1 Definition and Drivers of Operational Risk 1

Chapter 2 The Regulatory Push 15

Chapter 3 The Operational Risk Framework 33

Chapter 4 Operational Risk Governance 41

Chapter 5 Culture and Awareness 63

Chapter 6 Policies and Procedures 77

Chapter 7 Internal Loss Data 89

Chapter 8 External Loss Data 121

Chapter 9 Business Environment Internal Control Factors: Key Risk Indicators 141

Chapter 10 Risk and Control Self-Assessments 155

Chapter 11 Scenario Analysis 173

Chapter 12 Capital Modeling 189

Chapter 13 Reporting 219

Chapter 14 Risk Appetite 237

Chapter 15 Reputational Risk and Operational Risk 255

Chapter 16 Operational Risk and Convergence 269

Chapter 17 Best Practices in Related Risk Management Activities 281

Chapter 18 Case Studies 291

Appendix: Answers to Review Questions 309

About the Author 317

About the Website 319

Index 321