Operational Risk Control with Basel II: Basic Principles and Capital Requirements

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Overview

Until quite recently in the finance industry, operational risk has taken the back seat to credit risk and market risk. However, this is changing. Prompted by the New Capital Adequacy Framework, by the Basel Committee on Banking Supervision, which becomes mandatory from January 1, 2006, financial institutions are now busy in:

* Identifying the many types of operational risks with which they are confronted.
* Reviewing regulatory guidelines and best practices prevailing in the banking industry for operational risk control.
* Aiming to help themselves develop solutions for an effective longer term operational risk management.

This book addresses itself to commercial bankers, investment bankers, loans officers, traders, treasurers, backoffice managers, internal and external auditors, consultants, and regulators. It provides factual and documented evidence of how financial institutions define operational risk, how and why they go beyond the more classical operational risk reasons like fraud, and which measures they take for their management.

Another major issue the book covers in detail is technical risk and operational risk in the insurance industry. Risk factors are identified and the use of insurance policies to mitigate operational risk is analyzed in a factual and document manner.

Audience: This book addresses itself to commercial bankers, investment bankers, loans officers, traders, treasurers, backoffice managers, internal and external auditors, consultants, and regulators.

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Product Details

  • ISBN-13: 9780750659093
  • Publisher: Elsevier Science
  • Publication date: 12/13/2003
  • Pages: 400
  • Product dimensions: 0.94 (w) x 6.14 (h) x 9.21 (d)

Meet the Author

Since 1961, Dr Dimitris N. Chorafas has advised financial institutions and industrial corporations in strategic planning, risk management, computers and communications systems, and internal controls. A graduate of the University of California, Los Angeles, the University of Paris, and the Technical University of Athens, Dr Chorafas has been a Fulbright scholar. Financial institutions which have sought his assistance include the Union Bank of Switzerland, Bank Vontobel, CEDEL, the Bank of Scotland, Credit Agricole, Österreichische Länderbank (Bank Austria), First Austrian Bank, Commerzbank, Dresdner Bank, Mid-Med Bank, Demir Bank, Banca Nazionale dell'Agricoltura, Istituto Bancario Italiano, Credito Commerciale and Banca Provinciale Lombarda. Among multinational corporations Dr Chorafas has worked as consultant to top management, are: General Electric-Bull, Univac, Honeywell, Digital Equipment Corp, Olivetti, Nestlé, Omega, Italcementi, Italmobiliare, AEG-Telefunken, Olympia, Osram, Antar, Pechiney, the American Management Association and host of other client firms in Europe and the United States. Dr Chorafas has served on the faculty of the Catholic University of America and as visiting professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology. Also, the University of Alberta, Ecole d'Etudes Industrielles de l'Université de Genève, and Technical University of Karlsruhe. More than 6,000 banking, industrial and government executives have participated in his seminars in the United States, England, Germany, other European countries, Asia and Latin America.
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Read an Excerpt

Prepare for the Basle Accord - manage your risk
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Table of Contents

Operational risk is present in every enterprise- The many types of operational risk; Why management risk, legal risk, and information technology risk are the most important operational risks; Other key operational risks to which senior management and the back office should pay attention; Identification, monitoring, and measurement of operational risk; A case study with operational risk in the insurance industry; Addressing the top-most operational risk- A case study with operational risk in management; Why deficient cost control is the best result of management risk; Legal aspects of operational risk; A case study on operational risks in information technology; Establishing the basis of the scorecard approach- Analytical solutions to operational risk control; Needed experimentation in understanding and gauging operational risk; The scorecard approach suggested by the Basle committee; High frequency low risk and low frequency high risk events; Financial Reserves are not the only means of for facing operational risks- Capital reserves for operational risks; Using insurance as an alternative to operational risk capital requirements;
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