Managing operational risk: Moving towards the advanced measurement approach

Peter Mccormack, Andrew Sheen and Philip Umande

Journal of Risk Management in Financial Institutions, 2014, vol. 7, issue 3, 239-256

Abstract: This paper focuses on the management of operational risk using scenario analysis, loss data, business environment internal control factors and modelling approaches to get a better understanding of the firm's forward-looking risk profile, and, via scenario analysis, the risks that pose the biggest threat to a firm's ability to meet its strategic objectives. The paper is a follow-up to a 2013 paper by McCormack and Sheen, entitled ‘Operational risk: Back on the agenda’ (Journal of Risk Management in Financial Institutions, Vol. 6, No. 4, pp. 366–386) and illustrates issues to be considered when progressing from the standardised approach to the advanced measurement approach.

Keywords: operational risk; the standardised approach; advanced measurement approach; scenario analysis (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2014:v:7:i:3:p:239-256

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