This book covers Operational Risk Management (ORM), in the current?context, and its new role in the risk management field. The concept?of operational risk is subject to a wide discussion also in the field?of ORMs literature, which has increased throughout the years. By?analyzing different methodologies that try to integrate qualitative and?quantitative data or different measurement approaches, the authors?explore the methodological framework, the assumptions, statistical?tool, and the main results of an operational risk model projected by?intermediaries. A guide for academics and students, the book also?discusses the avenue of mitigation acts, suggested by the main results?of the methodologies applied. The book will appeal to students,?academics, and financial supervisory and regulatory authorities.
Chapter 1-Introduction The first chapter presents the main topic of the work, defines the objectives of the different chapter and the main argument of the chapters. It explains the integrated risk approach that the authors use for the operational risk measurement and management and presents a logic scheme to help reader to better understand the different elements of Operational Risk Management. In the chapter authors also presents the definition of operational risk .
Chapter 2.Operational Risk Management: regulatory framework and operational impact
Banks must have an independent Operational Risk Management function that is responsible for the definition of policies and procedures concerning the management and control of operational risk, the implementation of methodologies for the measurement and reporting of the company system, elaboration of strategies to identify, measure, monitor and control operational risk. The internal measurement system must be
closely integrated into the daily management process of operational risk of the banlS(
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