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- Title
Managing operational risk: Moving towards the advanced measurement approach.
- Authors
McCormack, Peter; Sheen, Andrew; Umande, Philip
- Abstract
This paper focuses on the management of operational risk using scenario analysis, loss data, business environment internal control factors and modelling approaches to get a better understanding of the firm's forward-looking risk profile, and, via scenario analysis, the risks that pose the biggest threat to a firm's ability to meet its strategic objectives. The paper is a follow-up to a 2013 paper by McCormack and Sheen, entitled 'Operational risk: Back on the agenda' (Journal of Risk Management in Financial Institutions, Vol. 6, No. 4, pp. 366-386) and illustrates issues to be considered when progressing from the standardised approach to the advanced measurement approach.
- Subjects
OPERATIONAL risk; RISK management of financial institutions; BASLER Ausschuss fur Bankenaufsicht; MCCORMACK, Peter; SHEEN, Andrew; MANAGEMENT
- Publication
Journal of Risk Management in Financial Institutions, 2014, Vol 7, Issue 3, p239
- ISSN
1752-8887
- Publication type
Article