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Mastering Operational Risk: A Practical Guide To Understanding Operational Risk And How To Manage It [Paperback]

Tony Blunden , John Thirlwell
3.5 out of 5 stars  See all reviews (2 customer reviews)

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Book Description

12 Aug 2010

Operational risk is a constant concern for all businesses.  It goes far beyond operations and process to encompass all aspects of business risk, including strategic and reputational risks.  Within financial services, it became codified by the Basel Committee on Banking Supervision in the 1990s. It is something that needs to be taken seriously by all those involved in running, managing and leading companies.

Mastering Operational Risk is a comprehensive guide which takes you from the basic elements of operational risk, through to its advanced applications. Focusing on practical aspects, the book gives you everything you need to help you understand what operational risk is, how it affects you and your business and provides a framework for managing it.

Mastering Operational Risk:

  • Shows you how to make the business case for operational risk, and how to develop effective company-wide policies
  • Covers the essential basic concepts through to advanced managements practices
  • Uses examples and case studies which cover the pitfalls and explains how to avoid them
  • Provides scenario analysis and modelling techniques for you to apply to your business

Operational risk arises in all businesses.  It is a broad term and can relate to internal processes, people,  and systems, as well as external events. All listed companies, charities and the public sector must make risk judgements and assessments and company managers have an increasing responsibility to ensure that these assessments are robust and that risk management is at the heart of their organisations.

In this practical guide, Tony Blunden and John Thirlwell, recognised experts in risk management, show you how to manage operational risk and show why operational risk management really will add benefits to your business. Mastering Operational Risk includes:

  • The business case for operational risk
  • Risk and control assessment
  • How to use operational risk indicators
  • Reporting operational risk
  • Modelling and stress-testing operational risk
  • Business continuity and insurance
  • Managing people risk
  • Containing reputational damage


Product details

  • Paperback: 344 pages
  • Publisher: Financial Times/ Prentice Hall; 1 edition (12 Aug 2010)
  • Language: English
  • ISBN-10: 027372732X
  • ISBN-13: 978-0273727323
  • Product Dimensions: 17.1 x 1.8 x 24 cm
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: 470,772 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

This book belongs in the library of every risk manager and line-of-business head.' RMA Journal, April 2011 

'Regardless of whether you're a 10 year operational risk veteran or new to the community, you need this book. Having worked in operational risk for the best part of 15 years I wondered how much I could glean from the almost conversational chapters. The answer is a lot; 'a lot' What I like about the book is that it distils differing practices from various industries and almost challenges the reader - here is something different, why would this not work in your firm? Mastering Operational Risk condenses all the reading I would like to do but have never had the time.'

Matt Kimber, Chief Risk Officer, Marsh Ltd

'Unerringly focussing on the pragmatic, I found this a comprehensive guide which doesn’t shrink from difficult issues. It emphasises the importance of being relevant to management and is engagingly written. The authors write with the authority of having played a part in developing Operational Risk Management to become a key discipline.' Edward Sankey, Director, Larocourt Risk Management, Chairman of the Council of the Institute of Operational Risk

'This is a terrific compendium of both concepts and nuts and bolts practical experience, which captures the essentials of operational risk management in one easy read. John and Tony are wonderfully clear thinkers and have demonstrated just how far the discipline has come since it was first formally defined little more than ten years ago.’ Jonathan Howitt, Group operational risk director, Man Group plc

'Tony Blunden and John Thirlwell have brought to life the new way in which Operational Risk is interpreted and managed. Mastering Operational Risk is an essential practical guide for all risk managers as well as for the supervision and governance of risk.' David Clark, Non-executive director, Tullett Prebon plc; non-executive director Westpac Europe Ltd; non-executive Chairman, Charity Bank

'A well-written and valuable addition to the risk practitioner's library.' Publicrm: The Journal of Alarm, Summer 2011 edition

From the Back Cover

Operational risk is a constant concern for all businesses.  It goes far beyond operations and process to encompass all aspects of business risk, including strategic and reputational risks.  Within financial services, it became codified by the Basel Committee on Banking Supervision in the 1990s. It is something that needs to be taken seriously by all those involved in running, managing and leading companies.

 

Mastering Operational Risk is a comprehensive guide which takes you from the basic elements of operational risk, through to its advanced applications. Focusing on practical aspects, the book gives you everything you need to help you understand what operational risk is, how it affects you and your business and provides a framework for managing it.

 

Mastering Operational Risk:

 

  • Shows you how to make the business case for operational risk, and how to develop effective company-wide policies
  • Covers the essential basic concepts through to advanced managements practices
  • Uses examples and case studies which cover the pitfalls and explains how to avoid them
  • Provides scenario analysis and modelling techniques for you to apply to your business

Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
6 of 6 people found the following review helpful
By JPH
Format:Paperback
I have worked in Risk Management, or Risk Management-related roles within fincncial services for over ten years. This book has it all and yet still delivers in the most palatable, readable way.

Some views give you slightly different perspecitve on issues, some are things you may not have previously considered. Then there are areas that you knew -and the rest of the RM world knew- but could never prove as being 'best practive' to the more stuborn decision makers within a financial services business!

Not only has this book become my own ORM bible, but I now find myself referring others to chapters relevant to them. If I had my way, I would insist on all senior management reading this book so that they could understand why RMs do what they do and the immeasurable benefit to the business of being 'on board'. Furthermore the book is so succint and simplistic in approach, I would support compulsary reading of certain chapters by all employees!

I cannot not find a fault with the content, flow, level of detail or perspective of this book and it is so refreshing to find a book on this subject that doesn't just garble on and on about tail analysis and VaR!

My sincere congratulations to the authors!
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0 of 4 people found the following review helpful
2.0 out of 5 stars A bad joke 28 Dec 2012
By Manuel
Format:Paperback|Verified Purchase
This book does not talk about the Basel accords and the content is not very usefull in banking terms. I was really dissapointed with the book. It basically useless.
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