Operational Risk: Regulation, Analysis and Management by Carol Alexander

By Carol Alexander

Advancements in IT and e-commerce, large-scale mergers and acquisitions, andincreased outsourcing all recommend that operational threat exposures are substantialand becoming. in recent times, bankers and fiscal professions have recognizedthe an important and transforming into significance of operational danger administration, and thefield is presently present process a surge of innovation and improvement. In thisauthoritative, updated publication, Operational chance, top operational riskmanagement professional Carol Alexander brings jointly contributions from theworld's major specialists to spot modern day top practices for measuring andmanaging operational hazards, and assessing them within the broader context of allrisk.

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The traditional approach is jointly sponsored by the business unit and internal audit, and results in siloed business line risk ownership. 3 Business line-resident and corporate risk management BCBS (2001b) states the following as one of the qualifying criteria for the Standardized Approach: ‘Effective risk management and control ... g. loss escalation, separation of duties, conflicts of interest). Two forms of integrated operational risk management have emerged. Some firms opt for a mix of the traditional siloed approach along with a touch of enterprise-wide oversight.

Given the premise that ‘business line managers own the risk’, is it not best for such business managers to assess the risk themselves? Thus, the onus for risk identification resides in the self-assessment, not audit’s risk assessment.

However, enterprise risk management oversight may be largely absent. Most corporate governance is based on business line-resident risk management reporting to business unit management. Little or no top-down firm-wide oversight may exist. 22 .... Reporting A number of international organizations utilize a more centralized risk management approach. Here there is an established operational risk management group. g. independent monitoring). This includes establishment of business unit and enterprise key indicators and bottom-up empirical capital allocation.

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