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Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
The middle office is made up of the risk managers and the information technology managers who manage risk and maintain the information resources. [1] The back office is composed of the human resources department, office managers and customer care representatives who provide support, administrative and payment services .
Category for occupations in the banking industry. See also: Category:Professional certification in finance and Branch (banking) Subcategories.
The role of the Chief Operational Risk Officer (CORO) continues to evolve and gain importance. In addition to being responsible for setting up a robust Operational Risk Management function at companies, the role also plays an important part in increasing awareness of the benefits of sound operational risk management.
Financial risk management in banking has thus grown markedly in importance since the Financial crisis of 2007–2008. [24] (This has given rise [24] to dedicated degrees and professional certifications.) The major focus here is on credit and market risk, and especially through regulatory capital, includes operational risk.
Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
Operational risk (Op risk). In case that Op risk is considered a part of NFR (and not as equivalent), Op risk summarizes e.g. those risks which can be quantified by the use of scenario models. Examples are pandemics, floods and other weather events. Conduct risk means that the behavior of the cooperation's employees leads to losses [3]
Advanced measurement approach (AMA) is one of three possible operational risk methods that can be used under Basel II by a bank or other financial institution.The other two are the Basic Indicator Approach and the Standardised Approach.