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Topic: Operational risk

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	Marsh's Risk Consulting : Operational Risk Management (Site not responding. Last check: 2007-10-20)
		Operational risks are all risks an organization might face that are not considered financial or strategic in nature.
		Insufficient loss data, the lack of established methods for quantifying risk, the fact that there are many different types of operational risks with multiple corresponding owners, and an unclear cause and effect of risk and actual incidents are some of the challenges organizations face.
		Marsh's Operational Risk Management practice utilizes a risk-based approach to help you identify critical functions of your business, analyze exposures and their impact on your organization, as well as evaluate existing risk treatment practices.
	www.marshriskconsulting.com /st/PSEV_C_362_NR_302.htm (558 words)

	dataWarehouse.com \| Brought to you by DM Review
		Operational risk, however, is an ill-defined "inside measurement," related to the measures of internal performance, such as internal audit ratings, volume, turnover, error rates and income volatility, interaction of people, processes, methodologies, technology systems, business terminology and culture.
		Operational risk could cost the 100 biggest banks $14-15 billion a year given the evolving nature of operations and a single enterprise-wide historical view of operational risk may not be the right approach.
		Nevertheless, it is extremely important that the significance and impact of this risk area on the overall viability of a banking enterprise is given due recognition so that there are strong incentives for banks to continue to work towards developing models to measure operational risks and to hold the required capital buffers for this risk.
	www.datawarehouse.com /article/?articleid=3335 (2052 words)

	Risk magazine - Measuring operational risk: a reality check
		For example, credit risk is typically extended via a consistent process; the issues of default likelihood, exposure measurement and loss-given default are similar; and the resulting exposures are subject to common risks, such as the risk of an economic downturn.
		One characteristic of operational risk that illustrates the weakness of the analogy is that while market and credit risk are independent of the bank taking the risk, operational risk is inherent in and an attribute of the bank itself.
		Operational risk models based on historic losses means management become ‘prisoners to data history’ and will always be focused on fighting the last war.
	www.risk.net /public/showPage.html?page=17969 (3331 words)

	Operational risk - Wikipedia, the free encyclopedia
		Although the risks apply to any organisation in business it is of particular relevance to the banking regime where regulators are responsible for establishing safeguards to protect against systemic failure of the banking system and the economy.
		Operational Risk is a detailed article on operational risk.
		Operational Risk Management Blog is a resource for operational risk management content.
	en.wikipedia.org /wiki/Operational_risk (431 words)

	Operational Risk Measurement (Site not responding. Last check: 2007-10-20)
		...Operational risk management should first and foremost be an effort to measure and control operational risk, rather than an exercise in efficient capital allocation and arbitrage.
		Consequently we feel that any measurement of operational risk should be accompanied by a wariness to early confidence that risk has been fully "captured".
		This risk management reporting provide early alerts for when an environmental assumption or variable on which a risk assessment was based changes, and can be combined with trigger alert levels if desired.
	www.austega.com /risk/meas (961 words)

	Operational (Transaction) Risk
		Operational risk is the risk of incurring financial loss due to human or technical errors and fraud.
		Operational risk includes the risks associated with the failure of communications, the breakdown of data transport or processing, internal control system deficiencies, human errors, or management failure.
		A financial institution’s exposure to operational risk from fraud is the risk that a wrongful or criminal deception will lead to a financial loss for one of the parties involved.
	www.ffiec.gov /ffiecinfobase/booklets/Retail/retail_03f.html (1980 words)

	Operational Risk
		Operational loss data is notoriously patchy and prone to bias, and the authors rely on extreme value theory to extract a loss probability distribution from the data.
		Operational risk events during 2003 - including the downing of a major US bank ATM system as the result of a virus, and the loss to a hacker of millions of credit card numbers - have highlighted the vulnerability of retail banking systems.
		They also believed that operational risk best practices will become standard in the industry; that operational risk management is a business imperative at least as much as a regulatory imperative; and that business unit interests must be aligned with those of the institution as a whole.
	www.erisk.com /ResourceCenter/Operational/Listing.asp (5864 words)

	Operational Risk - introduction
		Finally, it gave risk managers no ability to understand the nature of trends in their operational risk exposure and so was of almost no use from a risk management perspective.
		Having made the high-level choice to use scorecards composed of forward-looking risk indicators for operational risk measurement, we now had to design the details of the methodology – in particular the content of the scorecards – to measure operational risks as accurately as possible, and give positive behavioural incentives at the front line.
		While this approach to measuring and managing operational risk may not be the perfect solution for all banks, we believe that the scorecard self-assessment approach (especially if used in conjunction with other risk measurement techniques) could be valuable for other banks in similar circumstances and with similar goals.
	www.financewise.com /public/edit/riskm/oprisk/opr-case00-p.htm (4896 words)

	Operations Research Management Science - Operational Risk Management
		Management of operating risks is a key component of our financial and risk management discipline that drives net income results, capital management and customer satisfaction.
		Risk Capital Allocation: Operational capital at risk (CaR) (both regulatory and economic capital) is calculated for every LOB to protect for unexpected losses at a certain time horizon and percentile, e.g., one year — 99.9 percent OpVaR.
		Internal operational loss data is the most relevant information for measuring operational risk, but it is generally insufficient for purposes of modeling OpRisk.
	www.lionhrtpub.com /orms/orms-2-03/frrisk.html (3650 words)

	Operational Risk Software, Basel II Software, KRI, Loss Database - Optial Solutions
		Operational risk management covers a broad variety of aspects and the term is used differently by different institutions.
		Since Optial can be configured to support differing risk management methodologies on the same code base, it provides institutions with a customized application to support their own choice of how best to manage operational risk.
		Optial provides the infrastructure for creating and implementing the broad range of control, risk management and compliance processes that are crucial to the success of contemporary organizations more...
	www.optial.com /mnuSolutionsOpRisk.htm (270 words)

	Enterprise Architect - Strategies for Operational Risk Management
		Operational risk can be defined as the amount of exposure an organization has as a result of its operational structure.
		Managing operational risk is not only a regulatory need—the organization that demonstrates a sound practice of risk management will also achieve greater shareholder value through superior capital efficiency, data and risk management uniformity, enhanced credit ratings, reduced operational losses, and an improved credit risk-return profile.
		The management of risk involves accurate measurement or assessment of existing risks along with a well-defined mitigation approach commensurate with the risk exposure.
	www.ftponline.com /ea/magazine/fall2004/features/vrajput (582 words)

	Operational Risk Management Software: OpenPages ORM
		OpenPages ORM automates the process of identifying, measuring and monitoring operational risk, integrating all risk data – risk and control self assessments, loss events and key risk indicators – in a single solution.
		Risk self-assessment capabilities enable organizations to document and evaluate their risk frameworks, including processes, risks, events, key risk indicators and controls.
		ORM delivers a policy-driven and process-centric way to manage risk through control self-assessments, end-user surveys, automated workflow and executive dashboards that provide management with the visibility, control and decision support required to understand and manage risks throughout the organization to optimize business performance.
	www.openpages.com /solutions/enterprise_risk_management/operational_risk_management.asp (566 words)

	QPR Software - Solutions - Operational Risk Management (Site not responding. Last check: 2007-10-20)
		With QPR Software risk management is cascaded to all levels of the organization utilizing the expertise of responsible people involved in performance measurement and process management.
		Risks are either external or internal to the organization and are typically classified as financial, strategic, operational, or hazard risks.
		Risk categories, severities and attachments can be customized to adapt to the chosen risk management methodology, while linkage to scorecards and processes helps in risk analysis and treatment.
	www.qpr.com /Solutions/Operational_Risk_Management/index.html (725 words)

	IT-Director.com - Operational risk
		Operational risk supplies the third pillar of risk which goes into the capital charge computation along with credit risk and market risk to determine the amount of capital a financial institution must provide in order to conduct its required level of financial transactions.
		Operational risk is defined as the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events.
		This will be a substitute for the relationship between the industry's experience of operational risk loss for a specific line of business and the indicator of the financial institution's activity in that line of business.
	www.it-director.com /article.php?id=2057 (1174 words)

	Wiley::Operational Risk: Modeling Analytics
		Operational Risk: Modeling Analytics is organized around the principle that the analysis of operational risk consists, in part, of the collection of data and the building of mathematical models to describe risk.
		This book is designed to provide risk analysts with a framework of the mathematical models and methods used in the measurement and modeling of operational risk in both the banking and insurance sectors.
		Beginning with a foundation for operational risk modeling and a focus on the modeling process, the book flows logically to discussion of probabilistic tools for operational risk modeling and statistical methods for calibrating models of operational risk.
	ca.wiley.com /WileyCDA/WileyTitle/productCd-0471760897.html (452 words)

	Operational Risk Assessment
		She then ran the Domestic stock transfer and corporate trust division and experienced first hand the theft of money from funds due to be eschewed to the State by a clerical employee.
		Her final operational assignment is as Division Head for the International Investing Division which consisted of the Global Securities/ADR department and the Precious Metals Business.
		Conducted an operational risk review of its retail and wholesale equity brokerage businesses for an emerging market broker/dealer.
	www.cmra.com /html/operational_risk_assessment.html (242 words)

	Operational Risk Management...: February 2004
		Operational risk is an emerging field driven by regulations such as the New Basel II Accord (Basel II) and by the desire of financial services firms to implement sound risk measurement and risk management practices.
		Contingency planning is not just a key issue for risk managers in a business; it is the issue that brings the risk professionals together with line managers to deliver practical ways to tackle their organisations' risks.
		Operational risk is defined as the risk of loss resulting from inadequate or failed processes, people, and systems or from external events.
	operationalrisk.blogspot.com /2004_02_01_operationalrisk_archive.html (11823 words)

	Operational Risk
		With the passing of the 2002 Sarbanes-Oxley Act in the USA and the ongoing Basle II initiatives, there is a growing need for clients to clearly document and evaluate controls through appropriate procedures and guidelines.
		The introduction by of the Basle Committee of new guidelines in respect of operational risk within the "Basle II" directive will require banks to re-assess their operational controls, amongst other.
		Firstly, the introduction of a capital charge for operational risk and secondly the implementation of a framework for effective management and supervision of operational risk (defined as "identification, assessment, monitoring and control/mitigation of risk").
	www.fluxrisk.com /page7.html (297 words)

	Operational risk information (Site not responding. Last check: 2007-10-20)
		Typically, tens, hundreds or even thousands of opportunities for risk reduction arise during analysis and as a BCM you must decide which of these should be implemented and in what sequence.
		Once on the 'inside' the threat begins to disrupt operations in a particular way, affecting the parts of the operation it touches and potentially causing it to fail in a certain predictable way called a failure mode.
		The first is operational risk management (sometimes called risk analysis or risk assessment) which involves the systematic reduction of risk using tools such as failure mode effects analysis (FMEA), risk registration and the application of checklists and standards.
	www.operationalrisk.info /bc002.html (1973 words)

	Operational Risk Advisor
		Operational Risk Advisor™ is a monthly newsletter that covers of areas of concern to financial institutions and regulators including:
		The regulators are requiring financial institutions to adopt two-factor authentication methods by the end of 2006 to defend against phishing attacks.
		To meet this requirement, the FFIEC states that “financial institutions should conduct a risk assessment to identify the types and levels of risk associated with their Internet banking applications.” In this article, a type of phishing attack that can circumvent two-factor authentication methods is discussed together with some prevention alternatives.
	www.operationalriskadvisor.net /index.htm (469 words)

	LASERTRON laser tag equipment \| Manufacturers of Interactive Entertainment
		It is important to understand that the very best professional laser tag operators have the ability to put 90% of all the existing laser tag facilities out of business within 12 months of opening a new professional high-end laser tag center within the same market area.
		To be a professional laser tag operator, you must begin to educate yourself on the best practices of the laser tag industry.
		A professional laser tag operator recognizes the true value of a large multi-level arena that is extremely durable.
	www.laser-tron.com (2854 words)

	SAS \| Operational Risk Management
		Yet in the face of these pressures, many financial institutions still operate under a silo approach in which business units maintain their own data, analytics and assumptions for risk management – frequently inconsistently.
		Even if they could be consistently applied across the enterprise, traditional risk systems aren't equipped to capture complex interdependencies among a multitude of risk factors that span geographies, departments and lines of business.
		SAS recognizes the growing need for financial institutions to measure and manage operational risk in a scientific way – not just for regulatory compliance purposes, but also for making sound business decisions.
	www.sas.com /industry/fsi/oprisk (562 words)

	Operational Integrity Management (OIM) - Industrial managment system.
		Operational Integrity Management (OIM) consists of an integrated set of theories, practices and techniques for ensuring that an industrial facility operates "with integrity", i.e., that the facility's performance is what it should be - no more, no less.
		The truth is that the "discipline" of operational integrity management is largely a collection of management techniques and technical applications that have been tried over the years, and that have been successful to greater or lesser degrees.
		These books also aim to show how operational integrity management can be made practical - to help a manager implement a system in the real world, and achieve meaningful results.
	www.bin95.com /ebooks/Operational_management-OIM.htm (729 words)

	Operational Risk Management
		Managing such risk is becoming an important feature of sound risk management practice in modern financial markets.
		The most important types of operational risk involve breakdowns in internal controls and corporate governance.
		Such breakdowns can lead to financial losses through error, fraud, or failure to perform in a timely manner or cause the interests of the bank to be compromised in some other way, for example, by its dealers, lending officers or other staff exceeding their authority or conducting business in an unethical or risky manner.
	www.bis.org /publ/bcbs42.htm (145 words)

	Operational Risk Communication
		This workshop is designed to provide Navy Medical Department personnel with a working knowledge of the principles of risk communication as they apply to Operational Risk Management, Deployment Medical Surveillance, and Chemical, Biological, Radiological or Environmental incident response.
		Personnel who complete this course will be able to successfully communicate health, safety, and environmental risks to a variety of different target audiences, including military commanders, individual sailors, Marines and their families, and the media.
		These communications will assist military leaders in making informed risk management decisions about health, safety, or environmental risks,; influence the use of appropriate protective equipment; inform family members and the media about what is being done to protect the health and safety of deployed military personnel.
	www-nehc.med.navy.mil /HERC/Op_RiskCom/index.htm (244 words)

	Operational Risk
		In response to regulatory and shareholder demands, financial institutions around the world are investing heavily in developing operational risk frameworks.
		It was as a direct result of our input that insurance achieved recognition as a capital mitigant for operational risk; meaning that banks can use insurance as a form of capital.
		As part of our work on operational risk, we have developed OpBase, a unique tool containing the largest single source of accurate, scaleable, low frequency (yet high severity) loss data for financial institutions in the world.
	www.aon.com /uk/en/risk_management/insurance/crime/operational_risk.jsp (258 words)

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