Ten Laws Of Operational Risk

Author : Michael Grimwade
Publisher : John Wiley & Sons
Page : 423 pages
File Size : 55,5 Mb
Release : 2022-01-04
Category : Business & Economics
ISBN : 9781119841357

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Ten Laws of Operational Risk by Michael Grimwade Pdf

TEN LAWS OF OPERATIONAL RISK Unlike credit and market risk, operational risk currently lacks an overarching theory to explain how and why losses occur. As a result, operational risk managers have been forced to use unsatisfactory tools and processes that fail to add sufficient commercial value. In Ten Laws of Operational Risk: Understanding its Behaviours to Improve its Management, Michael Grimwade delivers an insightful discussion of the nature of operational risk and a groundbreaking redesign of the profession???s existing tools. The author???s Ten Laws are grounded on the business profiles of firms and the human and institutional behaviours that drive operational risk. They are underpinned by taxonomies for the causes; the inadequacies or failures that constitute both control failures and events; and the impacts of operational risks. Drawing on twenty-five years of first-hand experience and research, this book explains the patterns and trends that are apparent in the historical data and offers solutions to the persistent problems inherent in risk appetite, RCSAs, scenario analysis, reputational risk, stress testing, capital modeling, and insurance. It also provides fresh insights into the everyday activities of risk managers with respect to predictive key risk and control indicators, root cause analysis, why controls fail, the risks posed by change, and product risk profiles. Ten Laws of Operational Risk presents a structured and evidence-based approach to identifying emerging risks and predicting future behaviours related to pandemics, climate change, cybercrime, artificial intelligence, and machine learning. It includes revealing industry data, in-depth case studies, and real-world examples that shed light on recurring and obstinate problems in operational risk management. A must-read resource for Chief Risk Officers and other risk professionals, as well as regulators, management consultants, and students and scholars of operational risk, Ten Laws of Operational Risk provides an invaluable new, systematic, and rigorous approach to operational risk management. PRAISE FOR TEN LAWS OF OPERATIONAL RISK ???Operational Risk can no longer be described as a new concept, but as a discipline few attempts have been made to really understand its behaviour. In his book Michael does this very successfully, blending extensive practical experience with analytical thought leadership to propose a set of laws that explain why and how Operational Risks arise, and what can be done to manage them. Assertions are evidence based, with numerous real examples used to underpin his hypotheses. This is a valuable addition to Operational Risk thinking and is recommended for experienced professionals and novices alike.??? ??? Dr Luke Carrivick, Director of Research & Information, ORX ???Michael has established himself as one of Operational Risk???s foremost thinkers. His ability to use historical data to analyse events is unrivalled. In this must-read book, he identifies ten fundamental laws that provide every Operational Risk practitioner with a clear set of rules they can use to understand current events and predict their impacts.??? ??? Andrew Sheen, former Head of the FSA???s Operational Risk Review team ???Michael is one of the most prominent thinkers in Operational Risk. He combines a long career in Operational Risk management and measurement with a deep, long-standing reflection on the fundamental causes, dynamics and patterns in the manifestation of Operational Risk events. He produces, with this book, a remarkable synthesis of his insightful and innovative work.??? ??? Dr Ariane Chapelle, Honorary Reader, University College London; Managing Partner, Chapelle Consulting ???Michael is a highly respected expert in the field of Operational Risk, who has developed some ground-breaking frameworks for analysing this risk and guiding better risk management decisions. As a working practitioner in the field he brings many insights that will appeal to other practitioners as well as regulators, students and scholars.??? ??? Professor Elizabeth Sheedy, Macquarie Business School ???Michael???s views and analysis challenge the traditional Basel II views of Operational Risk and are genuinely thought-provoking. His book on the Ten Laws of Operational Risk will give financial services clarity and a practical view, where it has been previously lacking, on how best to manage such risks.??? ??? Tin Lau, Group Head of Financial and Strategic Risk, TP ICAP

Author : Philippa X. Girling
Publisher : John Wiley & Sons
Page : 354 pages
File Size : 48,6 Mb
Release : 2013-10-14
Category : Business & Economics
ISBN : 9781118532454

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Operational Risk Management by Philippa X. Girling Pdf

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.

Author : Dennis I. Dickstein,Robert H. Flast
Publisher : John Wiley & Sons
Page : 259 pages
File Size : 49,5 Mb
Release : 2008-12-23
Category : Business & Economics
ISBN : 9780470481103

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No Excuses by Dennis I. Dickstein,Robert H. Flast Pdf

Why should a company have an operational risk management function and how should it be organized? No Excuses proposes that operational risk should be examined through the business processes, that is, the flows of business. It provides practical, how-to, step-by-step lessons and checklists to help identify and mitigate operational risks in an organization. As well, it shows how operational risk can be directly linked to the process flows of a business for all industries. CEOs, CFOs, COOs, CROs, CIOs, and CAOs will benefit from this innovative book.

Author : Ariane Chapelle
Publisher : John Wiley & Sons
Page : 272 pages
File Size : 40,5 Mb
Release : 2019-02-04
Category : Business & Economics
ISBN : 9781119549048

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Operational Risk Management by Ariane Chapelle Pdf

OpRisk Awards 2020 Book of the Year Winner! The Authoritative Guide to the Best Practices in Operational Risk Management Operational Risk Management offers a comprehensive guide that contains a review of the most up-to-date and effective operational risk management practices in the financial services industry. The book provides an essential overview of the current methods and best practices applied in financial companies and also contains advanced tools and techniques developed by the most mature firms in the field. The author explores the range of operational risks such as information security, fraud or reputation damage and details how to put in place an effective program based on the four main risk management activities: risk identification, risk assessment, risk mitigation and risk monitoring. The book also examines some specific types of operational risks that rank high on many firms' risk registers. Drawing on the author's extensive experience working with and advising financial companies, Operational Risk Management is written both for those new to the discipline and for experienced operational risk managers who want to strengthen and consolidate their knowledge.

Author : Philippa X. Girling
Publisher : John Wiley & Sons
Page : 393 pages
File Size : 45,8 Mb
Release : 2022-02-17
Category : Business & Economics
ISBN : 9781119836056

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Operational Risk Management by Philippa X. Girling Pdf

Identify, assess, and mitigate operational risk with this practical and authoritative guide In the newly revised second edition of Operational Risk Management: A Complete Guide for Banking and Fintech, accomplished risk executive and expert Philippa Girling delivers an insightful and practical exploration of operational risk in organizations of all sizes. She offers risk professionals and executives the tools, strategies, and best practices they need to mitigate and overcome ever-present operational risk challenges that impact business in all industries. This latest edition includes: Insight into how operational risk can be effectively managed and measured in today's digital banking age. Updates on the latest regulatory guidance on operational risk management requirements in all aspects of the operational risk framework. Updates on the new Basel II capital modeling methodology for operational risk. New explorations of operational risk events in recent years including the impact of the global Covid-19 pandemic. Updated case studies including large events at Wells Fargo, Credit Suisse and Archegos Capital Management. Ideal for executives, managers, and business leaders, Operational Risk Management is also the perfect resource for risk and compliance professionals who wish to refine their abilities to identify, assess, mitigate, and control operational risk.

Author : Simon Ashby
Publisher : Kogan Page
Page : 296 pages
File Size : 41,8 Mb
Release : 2022-04-26
Category : Electronic
ISBN : 1398605026

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Fundamentals of Operational Risk Management by Simon Ashby Pdf

Grasp the key principles of managing operational risk and learn the value of ORM in protecting organizations from threats and losses.

Author : Jacqueline Jeynes
Publisher : Taylor & Francis
Page : 138 pages
File Size : 55,5 Mb
Release : 2012-04-27
Category : Business & Economics
ISBN : 9781136367830

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Risk Management: 10 Principles by Jacqueline Jeynes Pdf

In the same way as the 4Ps of marketing are a fundamental principle of business theory, this book puts forward the 10Ps of Risk Management as a consistent and comprehensive approach to the subject. The 10Ps of Risk Management offers a holistic approach, bringing together all elements of risk management for managers, safety and environmental consultants, business advisers and students on occupational health and safety and environmental studies courses.

Author : Linda Allen,Jacob Boudoukh,Anthony Saunders
Publisher : John Wiley & Sons
Page : 312 pages
File Size : 42,8 Mb
Release : 2009-02-04
Category : Business & Economics
ISBN : 9781405142267

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Understanding Market, Credit, and Operational Risk by Linda Allen,Jacob Boudoukh,Anthony Saunders Pdf

A step-by-step, real world guide to the use of Value at Risk (VaR) models, this text applies the VaR approach to the measurement of market risk, credit risk and operational risk. The book describes and critiques proprietary models, illustrating them with practical examples drawn from actual case studies. Explaining the logic behind the economics and statistics, this technically sophisticated yet intuitive text should be an essential resource for all readers operating in a world of risk. Applies the Value at Risk approach to market, credit, and operational risk measurement. Illustrates models with real-world case studies. Features coverage of BIS bank capital requirements.

Author : Holly H. Miller,Philip Lawton,Milton Ezrati
Publisher : CreateSpace
Page : 80 pages
File Size : 52,6 Mb
Release : 2010-12-04
Category : Business & Economics
ISBN : 1456367870

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The Top Ten Operational Risks by Holly H. Miller,Philip Lawton,Milton Ezrati Pdf

More than ever before, institutional investors and their consultants are probing investment management firms' risk management policies and procedures. Beyond market, credit and liquidity risk, their concern extends to investment managers' back- and middle-office functions. For example, investors and consultants are asking: * Is the firm managed and staffed by qualified people? * Are workflows properly documented and consistently followed? * Are employees cross-trained to handle one another's jobs? * Does the firm keep track of collateral in the hands of prime brokers? * How does the firm plan ahead for changes in the regulatory and competitive environment? In the aftermath of the global financial crisis, clients and prospects want to know the answers to these and many other questions. And they will not entrust assets to organizations whose day-to-day operations are chaotic or whose long-term business prospects are doubtful. "In worst-case scenarios, an investment firm's failure to identify and mitigate operational risk can result in significant direct costs and a devastating loss of reputation," write Holly H. Miller and Philip Lawton. "It may take years to reassure investors, regulators and trading partners that the firm is well-managed." Internationally known as dynamic speakers and engaging writers, the authors of The Top Ten Operational Risks draw upon their extensive practical experience to offer clear, compelling and-above all-useful advice about how to recognize and lessen the risk of loss due to inadequate internal processes, people and systems or external events. Starting with complacency on the part of senior management, each of this book's central chapters addresses one of the ways in which investment management firms may be exposed to unwelcome surprises. There are succinct, readable essays on staffing, training and the special attention due hand-offs among individuals, teams, systems and external service providers. Other chapters focus on technology, workflows and aspects of the segregation of duties that are especially significant in the investment management industry, such as observing the distinction between the firm and the funds it manages. The authors additionally bring their experience to bear on reconciliation gaps, the importance of knowing the firm's counterparties and the regulatory regimes to which they are answerable, and the challenges of effective strategic planning in a rapidly changing marketplace. C-level executives and middle managers in sales and marketing, client and consultant relations, compliance, human resources and internal audit will find The Top Ten Operational Risks intriguing. Their colleagues in risk management and investment operations will find it indispensible. As Milton Ezrati writes in the foreword, "The investment of an hour or two will offer managers numerous ways to improve their firm and their client service and, critically, a means to guard against rather large, unexpected expenses."

Author : Tony Blunden,John Thirlwell
Publisher : Pearson UK
Page : 350 pages
File Size : 44,8 Mb
Release : 2012-09-26
Category : Business & Economics
ISBN : 9780273748823

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Mastering Operational Risk by Tony Blunden,John Thirlwell Pdf

Operational risk is a constant concern for all businesses. It goes far beyond operations and process to encompass all aspects of business risk, including strategic and reputational risks. Within financial services, it became codified by the Basel Committee on Banking Supervision in the 1990s. It is something that needs to be taken seriously by all those involved in running, managing and leading companies. Mastering Operational Risk is a comprehensive guide which takes you from the basic elements of operational risk, through to its advanced applications. Focusing on practical aspects, the book gives you everything you need to help you understand what operational risk is, how it affects you and your business and provides a framework for managing it. Mastering Operational Risk: Shows you how to make the business case for operational risk, and how to develop effective company-wide policies Covers the essential basic concepts through to advanced managements practices Uses examples and case studies which cover the pitfalls and explains how to avoid them Provides scenario analysis and modelling techniques for you to apply to your business Operational risk arises in all businesses. It is a broad term and can relate to internal processes, people, and systems, as well as external events. All listed companies, charities and the public sector must make risk judgements and assessments and company managers have an increasing responsibility to ensure that these assessments are robust and that risk management is at the heart of their organisations. In this practical guide, Tony Blunden and John Thirlwell, recognised experts in risk management, show you how to manage operational risk and show why operational risk management really will add benefits to your business. Mastering Operational Risk includes: The business case for operational risk Risk and control assessment How to use operational risk indicators Reporting operational risk Modelling and stress-testing operational risk Business continuity and insurance Managing people risk Containing reputational damage

Author : Anonim
Publisher : Lulu.com
Page : 294 pages
File Size : 54,6 Mb
Release : 2004
Category : Bank capital
ISBN : 9789291316694

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International Convergence of Capital Measurement and Capital Standards by Anonim Pdf

Author : Ioannis S. Akkizidis,Vivianne Bouchereau
Publisher : CRC Press
Page : 436 pages
File Size : 40,8 Mb
Release : 2005-11-01
Category : Business & Economics
ISBN : 9781420031140

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Guide to Optimal Operational Risk and BASEL II by Ioannis S. Akkizidis,Vivianne Bouchereau Pdf

Guide to Optimal Operational Risk and Basel II presents the key aspects of operational risk management that are also aligned with the Basel II requirements. This volume provides detailed guidance for the design and implementation of an efficient operational risk management system. It contains all elements of assessment, including operational risk i

Author : Gary S. Lynch
Publisher : John Wiley & Sons
Page : 325 pages
File Size : 40,8 Mb
Release : 2009-11-02
Category : Business & Economics
ISBN : 9780470424964

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Single Point of Failure by Gary S. Lynch Pdf

Over the past decade organizations have faced relentless customer demand for better value at less cost, individual customization, greater choice, faster delivery, higher quality, exceptional service, and more recently – increased environmental and social consciousness. The organization’s weapon of choice to address this increasing demand has been the supply chain. However, as the supply chain footprint changed (e.g. outsourcing, off-shoring and customer/vendor empowerment) so did the organization’s exposure to uncertainty. Organizations were taken by surprise since this exposure was unanticipated, complex and beyond their ability to manage. As customers become more demanding and change occurs at an even greater pace, supply chain risk continues to propagate like a parasite. Organizations and societies are at much greater risk of systemic failure because of the massive interdependency throughout global supply chains. The priority now is two-fold; play catch-up and address these massive gaps while deploying more intelligent and integrated strategies (i.e. social aware, instinctive, dynamic and predictive) for dealing with continuous change. Single Point of Failure: The 10 Essential Laws of Supply Chain Risk Management uses analogies and dozens of case histories to describe the risk parasite that infects all supply chains while revealing methods to neutralize that parasite. The book addresses the questions: What are the "single points of failure"? How exposed are customers, investors, other stakeholders and ultimately the organization? What is the measurable impact (i.e. brand, financial, strategic, and non-compliance)? Who establishes the "risk paradigm"? How does the organization efficiently and effectively allocate precious resources - time, people, management attention, and capital? How is success measured? This book is both technically powerful and effectively realistic, based on today's complex global economy.

Author : Jack L. King
Publisher : Unknown
Page : 260 pages
File Size : 49,7 Mb
Release : 2001
Category : Electronic
ISBN : OCLC:1109691487

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Operational Risk by Jack L. King Pdf

Author : Patrick Naim,Laurent Condamin
Publisher : John Wiley & Sons
Page : 327 pages
File Size : 47,7 Mb
Release : 2019-05-28
Category : Business & Economics
ISBN : 9781119508502

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Operational Risk Modeling in Financial Services by Patrick Naim,Laurent Condamin Pdf

Transform your approach to oprisk modelling with a proven, non-statistical methodology Operational Risk Modeling in Financial Services provides risk professionals with a forward-looking approach to risk modelling, based on structured management judgement over obsolete statistical methods. Proven over a decade’s use in significant banks and financial services firms in Europe and the US, the Exposure, Occurrence, Impact (XOI) method of operational risk modelling played an instrumental role in reshaping their oprisk modelling approaches; in this book, the expert team that developed this methodology offers practical, in-depth guidance on XOI use and applications for a variety of major risks. The Basel Committee has dismissed statistical approaches to risk modelling, leaving regulators and practitioners searching for the next generation of oprisk quantification. The XOI method is ideally suited to fulfil this need, as a calculated, coordinated, consistent approach designed to bridge the gap between risk quantification and risk management. This book details the XOI framework and provides essential guidance for practitioners looking to change the oprisk modelling paradigm. Survey the range of current practices in operational risk analysis and modelling Track recent regulatory trends including capital modelling, stress testing and more Understand the XOI oprisk modelling method, and transition away from statistical approaches Apply XOI to major operational risks, such as disasters, fraud, conduct, legal and cyber risk The financial services industry is in dire need of a new standard — a proven, transformational approach to operational risk that eliminates or mitigates the common issues with traditional approaches. Operational Risk Modeling in Financial Services provides practical, real-world guidance toward a more reliable methodology, shifting the conversation toward the future with a new kind of oprisk modelling.