Understanding the Operational Risk Consortium’s scenario approach
The UK’s Operational Risk Consortium (Oric) recently published a report on the use of scenario analysis of operational risk in insurers. Mariano Selvaggi describes the issues Oric took into account when making its analysis and why establishing a framework to look at these issues is beneficial for firms
Last February the Operational Risk Consortium (Oric) launched its latest report: Scenario Analysis of Operational Risk in Insurance: A Guide to Sound Practices. We decided to embark on this challenging project because scenarios are a key tool used by insurers to manage their operational risk exposure and for Pillar II purposes, and because regulators around the globe are also paying increasing
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