The Basel Handbook
First published:
ISBN: 9781904339557
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Insurance and Operational Risk
Insurance and Operational Risk
Development and Validation of Key Estimates for Capital Models
Explaining the Correlation in Basel II: Derivation and Evaluation
Explaining the Credit Risk Elements in Basel II
Loss Given Default and Recovery Risk: From Basel II Standards to Effective Risk Management Tools
Assessing the Validity of Basel II Models in Measuring Risk of Credit Portfolios
Measuring Counterparty Credit Risk for Trading Products under Basel II
Implementation of an IRB-Compliant Rating System
Stress Tests of Banks’ Regulatory Capital Adequacy: Application to Tier 1 Capital and to Pillar 2 Stress Tests
Advanced Credit Model Performance Testing to Meet Basel Requirements: How Things Have Changed!
Designing and Implementing a Basel II Compliant PIT–TTC Ratings Framework
Basel II in the Light of Moody’s KMV Evidence
Basel II Capital Adequacy Rules for Retail Exposures
IRB-Compliant Models in Retail Banking
Basel II Capital Adequacy Rules for Securitisations
Regulatory Priorities and Expectations in the Implementation of the IRB Approach
Market Discipline and Appropriate Disclosure in Basel II
Validation of Banks’ Internal Rating Systems – A Supervisory Perspective
Rebalancing the Three Pillars of Basel II
Implementing a Basel II Scenario-Based AMA for Operational Risk
Loss Distribution Approach in Practice
An Operational Risk Rating Model Approach to Better Measurement and Management of Operational Risk
Constructing an Operational Event Database
Insurance and Operational Risk
INTRODUCTION
The possibility of allowing insurance as a mitigant to the operational risk charge has been under discussion for some years. It was first highlighted in the Basel Committee’s Consultation Paper of January 2001 (see Basel Committee on Banking Supervision 2001), in which the Committee indicated that they would be working with the banking industry on insurance and other risk-mitigation techniques. The key was to ensure that techniques would result in risk reduction and transfer rather than the exchange of one risk for another. In April 2001, as part of this dialogue, the Operational Risk Research Forum submitted a paper from its Insurance Working Group to the Basel Committee (see Operational Risk Research Forum 2001). A further paper was submitted jointly by the Industry Technical Working Group and Basel Accord Insurance Working Group (see Industry Technical Working Group and Basel Accord Insurance Working Group 2002) in May 2002. At that time and since, members of both the banking and insurance industries made representations to the Basel Committee’s Risk Management Group to explain the rationale for allowing insurance.
The principal arguments in favour highlighted the
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