
Operational Risk Management in Financial Services
A Practical Guide to Establishing Effective Solutions
- 464 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
Operational Risk Management in Financial Services
A Practical Guide to Establishing Effective Solutions
About this book
Technology failures, data loss, issues with providers of outsourced services, misconduct and mis-selling are just some of the top risks that the financial industry faces. Operational risk management is, simply, a commercial necessity. The management of operational risk has developed considerably since its early years. Continued regulatory focus and catastrophic industry events have led to operational risk becoming a crucial topic on any senior management team's agenda. This book is a practical guide for practitioners which focuses on how to establish effective solutions, avoid common pitfalls and apply best practice to their organizations. Filled with frameworks, examples and diagrams, this book offers clear advice on key practices including conducting risk assessments, assessing change initiatives and designing key risk indicators. This new edition of Operational Risk Management in Financial Services also features two new chapters reflecting on the future of operational risk management, from cyber risk to GenAI, and guides practitioners in incorporating ESG into their day-to-day strategies. This is the essential guide for professionals looking to derive value out of operational risk management, rather than applying a compliance 'tick box' approach.
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Information
Table of contents
- List of figures
- About the author
- Preface
- 01 Operational risk: Definition and taxonomy
- 02 Operational risk framework and its implementation
- 03 The Three Lines model: Its application to operational risk management
- 04 Operational risk events
- 05 Risk and control self-assessments
- 06 Operational risk assessment of change initiatives
- 07 Key Risk Indicators
- 08 Scenario analysis
- 09 Operational risk appetite
- 10 Operational risk reporting
- 11 Operational risk training and education
- 12 Risk culture
- 13 Embedding and maturity assessment
- 14 Incorporating ESG into operational risk framework
- 15 Operational resilience
- 16 Ref lections on the future of the operational risk discipline
- Appendix 1: Operational Risk Champion: role description
- Appendix 2: Example operational risk event reporting template
- Appendix 3: ORA template
- Appendix 4: Table of 50 Key Risk Indicators
- Index