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  • Operational Risk Nov 2004

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    Operational risk is the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events. Recent corporate events have led to increased scrutiny of the management of risk corporate failures 'Scandals' HIH Vie d'Or Spitzer insurance probe Enron Equitable AIB / BoI DMG Regulation Governance Sarbanes - Oxley Basel II Greenbury CAD III Turnbull Solvency II Key drivers of implementation of operational risk management frameworks

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    Operational risk is the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events. Recent corporate events have led to increased scrutiny of the management of risk corporate failures 'Scandals' HIH Vie d'Or Spitzer insurance probe Enron Equitable AIB / BoI DMG Regulation Governance Sarbanes - Oxley Basel II Greenbury CAD III Turnbull Solvency II Key drivers of implementation of operational risk management frameworks

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    Attribution Non-Commercial (BY-NC)
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    Segnala contenuti inappropriati
    18 visualizzazioni5 pagine

    Operational Risk Nov 2004

    Caricato da

    sidac_cool
    Operational risk is the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events. Recent corporate events have led to increased scrutiny of the management of risk corporate failures 'Scandals' HIH Vie d'Or Spitzer insurance probe Enron Equitable AIB / BoI DMG Regulation Governance Sarbanes - Oxley Basel II Greenbury CAD III Turnbull Solvency II Key drivers of implementation of operational risk management frameworks

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    di 5

    Operational risk – management and

    measurement
    Society of Actuaries in Ireland

    Ian Carey
    Kate O’Reilly

    4 November 2004

    © 2004 Towers Perrin


    Contents

    Background
    Background

    Risk Management
    Risk Management

    Risk Measurement
    Risk Measurement

    S:\02 Financial Management\Operational Risk\SAI Nov 4 2004\IC-pre-SAI Nov 4 2004 - Operational Risk-v2.ppt
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    © 2004 Towers Perrin
    What is operational risk?
    Basel / EU Regulators:
    “The risk of direct or indirect loss resulting from inadequate or
    failed internal processes, people and systems or from external
    events.”
    Includes….
    Internal fraud
    External fraud
    Employment practices and workplace safety
    Clients, products and business practices
    Damage to physical assets
    Business disruption and system failures
    Execution, delivery and process management
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    3
    © 2004 Towers Perrin
    Recent corporate events have led to increased scrutiny
    of the management of risk

    Corporate failures
    ‘Scandals’
    Independent Barings
    Mis-selling (pensions,
    endowment mortgages,..)
    HIH Vie d'Or
    Spitzer insurance probe
    Enron Equitable
    AIB/BoI
    DMG

    Regulation Governance
    Sarbanes – Oxley
    Basel II
    Greenbury
    CAD III
    Turnbull
    Solvency II

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    4
    © 2004 Towers Perrin
    Key drivers of implementation of operational risk
    management frameworks

    Compulsory
    Regulation
    Voluntary
    Best practice
    Protect company and directors
    Preparing for inevitable regulation

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    5
    © 2004 Towers Perrin

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