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http://ssrn.com/abstract=1491193
 
 

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The Credit Crisis and Operational Risk - Implications for Practitioners and Regulators


Andreas (Andy) Jobst


International Monetary Fund (IMF) - European Department

May 24, 2010

Journal of Operational Risk, Vol. 5, No. 2, Summer 2010

Abstract:     
The fallout from the financial crisis has illustrated that many sources of systemic risk were triggered or at least propagated by vulnerabilities in operational risk management (ORM), which has not kept pace with financial innovation, and an excessive focus of regulation on prudential requirements without recognition of substantial operational risk in market-based liquidity transformation. At the same time, institutions are at different stages of systems development and show considerable dispersion in ORM practices while falling short of integrating operational risk as a horizontal process. This is troubling in light of continued regulatory shortcomings. The following article highlights the increased importance of operational risk amid greater systemic risk concerns and reviews the current situation of ORM. In conclusion, it provides some suggestions on the future development ORM – both from an organizational and industry perspective.

Number of Pages in PDF File: 21

Keywords: operational risk, credit crisis, operational risk regulation, systemic risk, systemic liquidity, market infrastructure, re-hypothetication, wholesale funding

JEL Classification: G18, G21

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Date posted: October 20, 2009 ; Last revised: June 8, 2010

Suggested Citation

Jobst, Andreas (Andy), The Credit Crisis and Operational Risk - Implications for Practitioners and Regulators (May 24, 2010). Journal of Operational Risk, Vol. 5, No. 2, Summer 2010. Available at SSRN: http://ssrn.com/abstract=1491193

Contact Information

Andreas A. Jobst (Contact Author)
International Monetary Fund (IMF) - European Department ( email )
700 19th Street NW
Washington, DC 20431
United States
+1-202-623-6362 (Phone)
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