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Operational Risk Management: Organizational and Governance Issues

Giuliana Birindelli and Paola Ferretti

Chapter Chapter 4 in Operational Risk Management in Banks, 2017, pp 67-110 from Palgrave Macmillan

Abstract: Abstract The centrality of the link between operational risk management and governanceGovernance is underlined by the several cases of financial collapsesFinancial collapse (scandal) , in which losses are mainly connected with supervisory and operational failure on behalf of the top managementTop management . Likewise, a sound operational risk managementOperational risk management (ORM) requires a focus on the organizational structureOrganizational structure , in response to the need of combining measurement systemsSystem with efficient and adequate control units for managing operational riskOperational risk (OR) . In this chapter we analyse the organizational and governance issues related to the measurement and control of operational risk, focusing on the key functions involved (e.g. committee, OR functions), on the interrelationship between the OR function and other functions (internal audit and compliance) as well as on the role of reporting and information technology.

Date: 2017
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DOI: 10.1057/978-1-137-59452-5_4

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