AN ATTEMPT OF SYSTEM APPROACH TO OPERATIONAL RISK MANAGEMENT

A.Gromoff () and J. Stavenko ()
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A.Gromoff: Science & Education Center of Information Control Technologies, Russia
J. Stavenko: BPM chair, Business Informatics department National Research University HSE, Russia

Far East Journal of Psychology and Business, 2012, vol. 8 No 3 Paper 4 September, issue 4, 38-49

Abstract: Operational risk management (ORM) is considered as decision-making tool to systematically operational risk identification and determination of the best courses of action for any given situation. Here we made an attempt to analyse ORM from the position of system approach to the enterprise management. In this view, 4 interrelated subsystems were identified: beliefs, constraints, control and monitoring; and ORM is considered as meta-process, which umbellates enterprise business processes and sets requirements to the above subsystems. Interrelations of the management components are discussed as well.

Keywords: Operational Risk; System; Entropy; Knowledge; Risk Management (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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