Improving Operational Risk Management by J.H.M. Van Grinsven

By J.H.M. Van Grinsven

Operational possibility is most likely the most important possibility to monetary associations. The operational danger that monetary associations face has turn into extra complicated, extra almost certainly devastating and tougher to expect. additionally, operational chance administration is an important a part of the industrial actions and financial improvement in monetary associations. The credits crunch exhibits once again that operational probability doesn't lend itself to conventional possibility administration ways. it is because just about all circumstances of operational threat losses consequence from complicated and nonlinear interactions between danger and company techniques. during this ebook, the focal point is on an alternative choice to the prevailing efforts: to enhance operational chance administration that's more suitable, effective and pleasurable. A hugely based method for operational possibility administration is prescribed and defined during this booklet. The method can function with scarce loss information and permits monetary associations to appreciate operational chance on the way to decreasing it, hence lowering financial capital in the Basel II regulations.

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Relevant information should be provided on where the results of the exercise will be used, 32 Literature review (Goossens & Cooke, 2001) and this phase should be used to help the experts to focus on the relevant information (Armstrong, 2001a). Several principles exist and can be used during the preparation phase, to carry out the context and objectives activity, which aim to ensure procedural consistency and may help to prevent experts with stakes in the outcomes from introducing biases. First, use checklists for all the relevant information, the aim is to improve the consistency regarding the problem context and objectives (Hulet & Preston, 2000; Harvey, 2001).

Control awareness, is considered an important factor in the control of OR. Senior management must be familiar with the consequences and with the causes of OR. They must have an active role in increasing the financial institution’s awareness of internal controls and OR. Someone must also be responsible for making other organizational levels aware (Haubenstock, 2001). The result should be that all management levels acknowledge the importance of internal control measures and implement them effectively.

Generation: participants at a meeting can generate, anonymous or not, a large number of ideas in a relatively short time using the parallel input facility of the GSS. Practical applications vary from brainstorming on risks, to generate alternative control measures. • Organization: after a list of ideas has been produced using the idea generation facilities, ideas can be organized into clusters and further analyzed. More insight into the issue can be gained by structuring, clustering and or categorizing.

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