Managing Operational Risk
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Product Description
Published in association with the Global Association of Risk Professionals
As e–commerce and globalization continue to expand, so does the level of operational risk, increasing the need for guidance on how to measure and manage it. This is the definitive guide to managing operational risk in financial institutions. Written in a concise, no–nonsense style, and containing numerous real–life case studies, it covers all the bases from the basics of what operational risk is to how to design and implement sophisticated operational risk management systems. Readers will appreciate the up–to–the–minute coverage of the latest techniques and practices to manage operational risk. They will learn how to enhance their positions in the face of anticipated new regulatory standards and capital requirements.
Douglas G. Hoffman (Fairfield, CT) is an independent consultant in operational risk management. His firm, Operational Risk Advisors, provides executive training and assists financial institutions and corporate clients worldwide in operational risk analysis and mitigation.
As e–commerce and globalization continue to expand, so does the level of operational risk, increasing the need for guidance on how to measure and manage it. This is the definitive guide to managing operational risk in financial institutions. Written in a concise, no–nonsense style, and containing numerous real–life case studies, it covers all the bases from the basics of what operational risk is to how to design and implement sophisticated operational risk management systems. Readers will appreciate the up–to–the–minute coverage of the latest techniques and practices to manage operational risk. They will learn how to enhance their positions in the face of anticipated new regulatory standards and capital requirements.
Douglas G. Hoffman (Fairfield, CT) is an independent consultant in operational risk management. His firm, Operational Risk Advisors, provides executive training and assists financial institutions and corporate clients worldwide in operational risk analysis and mitigation.
From the Inside Flap
For today′s financial institutions, Managing Operational Risk has the essential business tools to design optimal risk management programs and put your company well ahead of the curve in the face of anticipated new regulatory standards and capital requirements. This definitive book by an international expert covers every aspect of managing operational risk, including operational risk definitions, data collection, risk assessment, modeling, insurance, and risk finance, as well as a comprehensive introduction to information technology.
The complete evolution of operational risk management is covered here, including guidelines for setting objectives consistent with a corporate vision, educating management and staff on how to deal with operational risks, coordinating operational risk management functions, outlining various approaches to risk assessment and measurement, and examining techniques for responding to operational risk. This book supplements its descriptions by presenting varied approaches to each of the 20 featured strategies along with alternative tools and tactics for program development, so you can decide which management systems are best for your company. The author goes well beyond the usual downside–only perspective on operational risk management to explore the upside benefits of an effective enterprise–wide program. Each chapter is generously supplemented with cases that illustrate proven techniques, and cautions against techniques that have not been successful. In addition, financial considerations are addressed, including developing economic capital and regulatory models, insurance and risk finance, as well as risk–adjusted performance measures.
With a concluding synopsis of chapter highlights and lessons learned for easy skimming and quick reference, this is an essential resource for operational risk managers as well as CEOs and CFOs at investment and commercial banks, brokerages, insurance companies, mutual fund companies, and their e–business affiliates and subsidiaries.
The complete evolution of operational risk management is covered here, including guidelines for setting objectives consistent with a corporate vision, educating management and staff on how to deal with operational risks, coordinating operational risk management functions, outlining various approaches to risk assessment and measurement, and examining techniques for responding to operational risk. This book supplements its descriptions by presenting varied approaches to each of the 20 featured strategies along with alternative tools and tactics for program development, so you can decide which management systems are best for your company. The author goes well beyond the usual downside–only perspective on operational risk management to explore the upside benefits of an effective enterprise–wide program. Each chapter is generously supplemented with cases that illustrate proven techniques, and cautions against techniques that have not been successful. In addition, financial considerations are addressed, including developing economic capital and regulatory models, insurance and risk finance, as well as risk–adjusted performance measures.
With a concluding synopsis of chapter highlights and lessons learned for easy skimming and quick reference, this is an essential resource for operational risk managers as well as CEOs and CFOs at investment and commercial banks, brokerages, insurance companies, mutual fund companies, and their e–business affiliates and subsidiaries.
Inside This Book
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First Sentence
Operational risk has been a challenge for financial service firms for years, but because of the infrequency of losses, it has not been recognized for its full potential until recently. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Operational risk has been a challenge for financial service firms for years, but because of the infrequency of losses, it has not been recognized for its full potential until recently. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Useful and Readable,
By
This review is from: Managing Operational Risk: 20 Firmwide Best Practice Strategies (Wiley Finance) (Hardcover)
Unlike many business books discussing a less widely known aspect of business, this is a book that I found easy to read and also very informative. It's not a subject for everyone, but by no means is this discussion of Operational Risk confined to the Financial Services industry, which is where most Risk study tends to be.
It breaks down Operational Risk into a number of key areas and then goes through examples of how it can be managed / addressed, and gives practical tips of how to do so. Would not just benefit risk professionals, but anyone who wants to understand how to manage a business better.
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Finally a useful book on the topic!,
By A Customer
This review is from: Managing Operational Risk: 20 Firmwide Best Practice Strategies (Wiley Finance) (Hardcover)
One of the best books on the topic. The case studies and examples of reporting formats are particularly useful.A change from other books where the theoretical framework is well explained but do not really help you to get anything done.
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Highly Recommended!,
By
This review is from: Managing Operational Risk: 20 Firmwide Best Practice Strategies (Wiley Finance) (Hardcover)
Timely and dense, this comprehensive treatment of risk assessment and management maps the minefield of business and financial risks. Although professional-level information on banking and financial risk management cannot avoid a certain intensely mathematical character, this volume also pays careful attention to the "softer" side, and stresses the importance of cultural and attitudinal factors. It is a very well-balanced presentation of the subject. However, this very valuable information is written in a turgid, repetitive, convoluted and confusing style that makes it a chore to read. This risk could have been managed by a ruthless editor able to cut half of the undergrowth to clear a path to the meaning. Are advice to bankers and risk managers: brew some strong coffee and slog through the text. The content is too important to ignore.
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