Reliance on Technology Increases Operational Risk — Often It Is Not Obvious

Russell Walker
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Russell Walker: Northwestern University, USA

Chapter 5 in Winning with Risk Management, 2013, pp 63-79 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:TJX Companies — BackgroundA Routine Audit Reveals a HackHackers Use “War Driving” to Strike TJXIn Operational Risk, Details Are CriticalCatching the “SoupNazi”Operational Risk Leaves Unclear LiabilityOperational Exposures Have High Leverage — The Cost of a BreachIndustry Movements to Reduce Operational Risks — Standards in SecurityMarket Inefficiencies in the Payments SystemAsymmetric Information Impacts Risk ChoicesThe Cost Externalities Can Be Hard to RecoverTJX in the Wake of the HackThe Growing Cyber ThreatCase ReviewRisk Management LessonsOperational risk and embedded risk require attention to detailTechnology has made operational risk highly leveredEmployees are your greatest asset … and riskRecognize your competencies and seek an outside partner to transfer those operational risksLook beyond laws for the best solution to dealing with operational risks in technologyCase Questions

Keywords: Risk Management; Risk; Financial Markets; Enterprise Risk (search for similar items in EconPapers)
Date: 2013
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