Global Perspectives on Operational Risk Management and Practice. A Survey by Institute of Operational Risk (IOR) and the Center for Financial Professionals (CeFPro)

49 Pages Posted: 9 Mar 2018 Last revised: 29 Apr 2018

See all articles by Gareth Peters

Gareth Peters

Department of Actuarial Mathematics and Statistics, Heriot-Watt University; University College London - Department of Statistical Science; University of Oxford - Oxford-Man Institute of Quantitative Finance; London School of Economics & Political Science (LSE) - Systemic Risk Centre; University of New South Wales (UNSW) - Faculty of Science

George Clark

The Institute of Operational Risk

John Thirlwell

The Institute of Operational Risk

Manoj Kulwal

The Institute of Operational Risk

Date Written: March 5, 2018

Abstract

This survey represents a comprehensive elicitation of perspectives on operational risk (OpRisk) modelling and practice, obtained from practitioners in a wide range of countries and sectors. The survey was developed and executed by two leading organizations in operational risk in the financial industry, the Institute of Operational Risk (IOR) and the Center for Financial Professionals (CeFPro). This academic paper is a more detailed analysis of the industry report jointly created.

The goal of this analysis was to develop an understanding of the dynamic and evolving nature of operational risk management practice from industry practitioners perspectives. We sought out a large cross section of industry sectors with a truly global view of the disciplines responses.

In this regard we were focused on developing a survey that would facilitate a greater understanding of the following core aspects of operational risk practice, both at present as well as with regard to future possible directions: current best practices and approaches to operational risk; tools and skills being applied in practice; the disciplines current status in different regions and sectors; and what directions the discipline will go in future.

The survey was designed by the authors of this manuscript on behalf of the IOR and facilitated and collated by CeFPro.

Suggested Citation

Peters, Gareth and Clark, George and Thirlwell, John and Kulwal, Manoj, Global Perspectives on Operational Risk Management and Practice. A Survey by Institute of Operational Risk (IOR) and the Center for Financial Professionals (CeFPro) (March 5, 2018). Available at SSRN: https://ssrn.com/abstract=3134925 or http://dx.doi.org/10.2139/ssrn.3134925

Gareth Peters (Contact Author)

Department of Actuarial Mathematics and Statistics, Heriot-Watt University ( email )

Edinburgh Campus
Edinburgh, EH14 4AS
United Kingdom

HOME PAGE: http://garethpeters78.wixsite.com/garethwpeters

University College London - Department of Statistical Science ( email )

1-19 Torrington Place
London, WC1 7HB
United Kingdom

University of Oxford - Oxford-Man Institute of Quantitative Finance ( email )

University of Oxford Eagle House
Walton Well Road
Oxford, OX2 6ED
United Kingdom

London School of Economics & Political Science (LSE) - Systemic Risk Centre ( email )

Houghton St
London
United Kingdom

University of New South Wales (UNSW) - Faculty of Science ( email )

Australia

George Clark

The Institute of Operational Risk

2 Old College Court
29 Priory Street
Ware, England SG12 0DE
United Kingdom

John Thirlwell

The Institute of Operational Risk

2 Old College Court
29 Priory Street
Ware, England SG12 0DE
United Kingdom

Manoj Kulwal

The Institute of Operational Risk ( email )

2 Old College Court
29 Priory Street
Ware, England SG12 0DE
United Kingdom

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