Reflections on Operational Risk Management
Reflections on Operational Risk Management
Ariane Chapelle
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Overview
The operational risk discipline is still in its infancy in the financial services industry and that is what makes it fascinating. New methods arise every day and practice is constantly evolving; this bite-size book arms the reader with a variety of topics, analogies, suggestions and ideas to stimulate awareness and understanding of operational risk in the financial industry and beyond.
This book by Ariane Chapelle is a collection of 28 columns and articles, spanning more than five years. From the fundamentals of operational risk frameworks to risk capital, they are regrouped around six themes including risk appetite, key risk indicators, risk reporting and risk culture. Each chapter addresses a hot topic of the time, such as rogue trading, or topics that are still very much discussed today, such as key risks indicators and conduct risk. More recent issues like the SMA reform and the role of regulatory capital are also explored.
The book is essential reading for op risk managers and anybody with an interest in the field.
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About the Author
Table of contents
Foreword
Acknowledgements
About the Author
About the Co-Authors
introduction
PART 1: Essentials of Operational Risk and RiskManagement Framework
1 Operational Risk in Four Letters
Ariane Chapelle
2 An Invisible Framework
Ariane Chapelle and Michael Sicsic
3 Small is Beautiful in OpRisk Management
Ariane Chapelle
4 The Business Value of ORM
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5 How to Minimise ‘People Risk’
Ariane Chapelle
PART 2: Risk Appetite and Risk Decisions
6 The Missing Piece
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7 Risk Appetite and Framework
Ariane Chapelle
8 From Russian Roulette to Overcautious Decision-making
Ariane Chapelle
PART 3: Key Risk Indicators and Reporting
9 The Importance of Preventive KRIs
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10 How to Build Preventive Key Risk Indicators
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1 1 Unlocking KRIs
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12 Six Steps for Preventive KRIs
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13 Have Your Cake and Eat It
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PART 4: Culture and Conduct
14 Conduct, Not ‘Conduct Risk’
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15 How to Manage Incentives
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16 Is Reputation Risk Overstated?
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17 What Regulators Want
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18 Conduct & Culture
Ariane Chapelle, Jimi Hinchliffe and Mark Laycock
PART 5: Scenario Analysis and Tail Risks
19 Op Risk Takes Forward Steps at OpRisk Europe 2014
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20 Modern Scenario Analysis
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21 The Rogue’s Path
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22 Rogue Trading No Training: The Connections
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23 What Brexit Teaches OpRisk
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24 OpRisk Survey Shows the Insidious Effects of Political
Risk
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PART 6: Operational Risk Capital and Measurement
25 Discarding the AMA Could Become a Source of OpRisk
Ariane Chapelle, Bertrand Hassani, Gareth W. Peters, Evan Sekeris and Pavel Shevchenko
26 UCL Research Shows that SMA Reforms IntroducesCapital Instability and Discourages Risk Management
Ariane Chapelle, Bertrand Hassani, Gareth W. Peters and
Pavel Shevchenko
27 Memo to Bank CEOs: Treat OpRisk with More Respect
Ariane Chapelle and Evan Sekeris
28 Don’t Let the SMA Kill OpRisk Modelling
Ariane Chapelle and Evan Sekeris