Michael Grimwade

Ten Laws of Operational Risk (eBook, PDF)

Understanding its Behaviours to Improve its Management

• Format: PDF

Produktbeschreibung

A unique guide to the behaviors of operational risk and its effective management Unlike credit and market risk, operational risk has lacked an overarching theory to explain how and why losses occur. In Ten Laws of Operational Risk: Understanding its Behaviours to Improve its Management, distinguished risk executive Michael Grimwade delivers an incisive exploration of the nature of operational risk to redesign the profession's existing tools and systematically predict its future behaviors. His Ten Laws are underpinned by the business profiles of firms, human and institutional behaviours, and taxonomies for causes, control failures, events, and impacts. The book explains patterns and trends identified by the author through decades of hands-on experience and research, and provides: * Systematic solutions for persistently problematic tools such as risk appetite, RCSAs, scenario analysis, reputational risk, stress testing, capital modelling and insurance. * Fresh insights into the day-to-day activities of risk managers regarding predictive KRIs & KCIs, why controls fail, the risks of change, and the risk profiles of products. * A structured approach for identifying emerging risks and predictions of the future behaviors of operational risk with respect to: pandemics, climate change, cyber-crime, and AI and machine learning. With extensive analysis of industry data, numerous case studies and real-world examples, Ten Laws of Operational Risk is a unique handbook for Chief Risk Officers and other risk professionals. It's also an excellent resource for regulators, management consultants, students and academics.

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Produktdetails

• Verlag: Wiley-Blackwell
• Seitenzahl: 416
• Erscheinungstermin: 31. Dezember 2021
• Englisch
• ISBN-13: 9781119841364
• Artikelnr.: 63271855

Autorenporträt

MICHAEL GRIMWADE has over 25 years' experience in operational risk management. He is Head of Operational Risk at ICBC Standard Bank and is the author of Managing Operational Risk: New Insights and Lessons Learnt. He is a former Director of the Institute of Operational Risk, and has previously held senior operational risk roles at LBG, RBS and MUFG Securities.

Inhaltsangabe

About the Author x

Introduction xii

Part 1 Ten Laws of Operational Risk (Grimwade, 2020) 1

Chapter 1 Patterns in the Behaviour of Operational Risk 5

Chapter 2 The Occurrence and Severity of Loss Events 15

Chapter 3 Concentration and Systemic Operational Risk Events (SOREs) 51

Chapter 4 Homeostasis, Risk Transference, Transformation and Conservation, and Active Risk Taking 63

Chapter 5 Three Taxonomies: Inadequacies or Failures, Impacts and Causes 75

Chapter 6 Conclusions - How and Why 97

Part 2 Operational Risk Management Tools Designed for Success 115

Chapter 7 Defining and Cascading Operational Risk Appetites 119

Chapter 8 Risk & Control Self-Assessments 135

Chapter 9 Scenario Analysis 147

Chapter 10 Operational Risk Capital Modelling 165

Chapter 11 Stress Testing 181

Chapter 12 Reverse Stress Testing and the Transfer of Risks via Insurance 211

Chapter 13 Day-to-Day Operational Risk Management 229

Chapter 14 Conclusions 267

Part 3 Predictions of the Future Behaviours of Operational Risk 275

Chapter 15 Identifying Emerging Risks 277

Chapter 16 Predictions of the Future Behaviours of Operational Risk in Response to Four Emerging Threats 283

Part 4 Conclusions 329

Chapter 17 Conclusions and Operational Risk Strategy 331

Appendices

Appendix I Taxonomy of Inadequacies or Failures: Events and Control Failures 349

Appendix II Impact Taxonomy and Their Relative Scales and Velocities 359

Appendix III Causal Taxonomy Based Upon a Review of Large, Well-Documented Events 363

Appendix IV Risk Taxonomies for Cybercrime and IT Operational Risks Based on Analysis of Actual Loss Events 369

Glossary 377

Bibliography 381

Index 387