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Tables of Contents for Measuring and Managing Operational Risks in Financial Institutions
Chapter/Section Title
Page #
Page Count
Acknowledgments
ix
Preface
xi
Section I: Background
1
516
Introduction
3
42
Evolving Financial Services
The Operations Challenge
What Is Operational Risk?
What Is Operational Risk Management?
Why Is Operational Risk Management Important?
Regulatory and Industry Initiatives
Basic Concepts
45
54
The Dimensions of Risk
Why Manage Risk?
Loss Events
Risk Factors
Aggregate, Expected, and Unexpected Losses
Catastrophic Losses
Event/Factor Controllability
Dependencies between Risk Factors and Events
Models of Operational Risk
99
26
Top-down Risk Models
Bottom-up Risk Models
Selecting a Risk Model
Section II: An Operational Risk Management Methodology
Developing Objectives for Risk Management
125
24
Project Management
Defining the Firm's Risk Management Agenda
Defining the Project Scope
Developing Risk Management Targets
Risk-Management Organization
Risk Policies and Practices
Identifying the Risks
149
32
Benchmarking Internal Processes and Resources
Identifying Process and Resource Risks
Identifying Risk Factors
Identifying Loss Events
Categorizing Events and Risk Factors
Estimating Potential Losses: Data
181
34
The Challenges of Operational Risk Data and Measurement
Overcoming the Challenges
General Measurement Techniques
Historical Data: Frequencies
Historical Data: Impacts
Subjective Assessment
Estimating Potential Losses: Loss Distributions
215
66
Estimating Risk Factors
Fitting Probability Distributions
Choosing Event Distributions
Estimating Dependencies
Building the Operational Risk Database
Integrating with Market and Credit Risks
Analyzing Risks
281
40
Aggregating Risks
Monte Carlo Loss Simulation in Practice
Identifying Risk Management Alternatives
Analyzing Loss Events
Analyzing Risky Processes and Resources
Analyzing Risk Factors
Evaluating Risk Management Interventions
Section III: Risk Management Actions
Risk Avoidance and Factor Management
321
22
Reduced Levels of Risky Activity and Business Exit
Quality Management
Personnel Selection
Training
Culture Management
Organizational Design
Relationship Management
Loss Prediction
343
10
Strategic and Business Planning
Organizational Learning
Business and Market Intelligence
Project Risk Management
Loss Prevention
353
26
Process Reengineering
Work and Job Restructuring
Product and Service Redesign
Functional Automation
Human Factors Engineering
Fraud Prevention and Detection
Enterprise Resource Planning
Reliability-based Maintenance
Loss Control
379
24
Inventory Management and Buffering
Redundant Systems
Diagnostic Controls
Boundary Systems (Limits and Sanctions)
Compliance Programs
Computer Security Management
Physical Security Management
Internal and External Audit
Loss Reduction and Contingency Management
403
20
Legal Risk Reduction
Loss Isolation and Asset Protection
Contingency Planning
Crisis Management
Risk Financing
423
40
Financial Restructuring
Asset---Liability Management
Corporate Diversification
Insurance
Self-insurance
Hedging Using Derivatives
Contractual Risk Transfer
Section IV: Operational Risk Management in Practice
Monitoring and Reporting Operational Risks
463
30
Learning and Response Loops
Guidelines for Effective Reporting
Event Reports
Operations Profiles
Risk Reports
Risk Action Reports
Risk Summary Reports
Evaluating and Updating the Risk Model
Risk-based Capital
493
24
Estimating Loss Provisions
Economic Capital Allocation
Risk-based Performance Evaluation
Appendix A: A Glossary of Operational Risk
517
48
Appendix B: Operational Risk Management Software and Services
565
6
Bibliography
571
12
Index
583