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Operational Risk Management: Best Practices in the Financial Services Industry

Operational Risk Management: Best Practices in the Financial Services Industry

Author: Ariane Chapelle
Publisher: John Wiley & Sons
ISBN: 9781119549048
Published In: December 2018
Format: Hardback , 272 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Praise for Operational Risk Management

"Ariane Chapelle is one of the world's leading teachers, thinkers and writers about operational risk. The combination of her professional experience as a practitioner in the financial services industry and her role as an advisor to regulators makes this textbook a must-read at all levels of both regulated and unregulated financial institutions."
—Amédée Prouvost, Director, Operational Risk, The World Bank

"Insightful...That's the first adjective that came to mind when I read this book. Operational Risk Management: Best Practices in the Financial Services Industry offers a 360-degree perspective of operational risk, from triggers and causes to direct and indirect consequences. Besides, the book provides practical tips to set up an effective operational risk and control framework. There is not a single aspect of operational risk that is left in the shade – everything is brought to light – even the trickiest aspects such as Risk Appetite. This book is a must-read for any all-around OpRisk Manager!"
—Dr. Bertrand K. Hassani, Université Paris 1 Panthéon-Sorbonne; Chief Solutions Officer, General Manager, INSTADEEP

"The collection of Dr. Chapelle's knowledge and practitioner expertise, combined with her widely acknowledge ability to communicate complex ideas in a forthright and clear manner, makes this textbook a very valuable addition to any practitioner seeking clear, accurate, timely and insightful knowledge of key aspects of Operational Risk practice. I strongly endorse this text to practitioners seeking guidance on best practices in operational management."
—Prof. Gareth W. Peters, Chair Professor of Risk and Insurance, Heriot-Watt University, Edinburgh, UK

The Authoritative Guide to the Best Practices in Operational Risk Management

Operational Risk Management offers the most current information available for putting in place an effective risk management program for a financial services firm. Comprehensive in scope, the book outlines the frameworks, tools and techniques that successful firms use to identify, assess, mitigate and monitor risk within their organisations. The different chapters present a holistic approach, which helps to clarify the relationship between the different components of a risk management framework and offers a consistent view of effective risk management. This flexible framework can be tailored to each firm based on its own practices, size and business complexity.

Operational Risk Management offers the information risk managers need not only to help their organisations avoid crises, but also to safely recognise new opportunities, achieve their full potential, and reach new heights of success.
About the Author xi

Foreword xiii

Preface xv

Introduction xix

PART ONE Risk Identification 1

CHAPTER 1 Risk Identification Tools 3

CHAPTER 2 Scenario Identification Process 13

CHAPTER 3 Risk Definition and Taxonomy 19

CHAPTER 4 Risk Connectivity and Risk Networks 29

PART TWO Risk Assessment 35

CHAPTER 5 Risk Appetite 37

CHAPTER 6 Risk and Control Self-Assessments 51

CHAPTER 7 Scenario Assessment 63

CHAPTER 8 Regulatory Capital and Modeling 77

PART THREE Risk Mitigation 93

CHAPTER 9 Operational Risk Governance 95

CHAPTER 10 Risk Mitigation 105

CHAPTER 11 Root Cause Analysis and Action Plans 115

CHAPTER 12 Conduct and Culture 119

PART FOUR Risk Monitoring 127

CHAPTER 13 Incident Data Collection 129

CHAPTER 14 Key Risk Indicators 141

CHAPTER 15 Risk Reporting 157

CHAPTER 16 Valuable ORM 171

PART FIVE Rising Operational Risks 179

CHAPTER 17 Project Risk Management 181

CHAPTER 18 Information Security Risks 193

CHAPTER 19 Operational Risks in Cryptocurrencies 207

CHAPTER 20 Resilience and Reputation 221

Conclusion 231

Index 235
ARIANE CHAPELLE, PHD, is Associate Professor (Honorary Reader) at University College London for the course 'Operational Risk Measurement for Financial Institutions' and is a Fellow of the Institute of Operational Risk and a trainer for the Professional Risk Managers' International Association (PRMIA), for whom she designed the Certificate of Learning and Practice in Advanced Operational Risk Management. She is a former holder of the Chair of International Finance at the University of Brussels. She has been active in operational risk management since 2000 and is a former head of operational risk management at ING Group and Lloyds Banking Group. Dr. Chapelle runs her own training and consulting practice in risk management. Her clients include Tier 1 financial organisations and international financial institutions.