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The Fundamentals of Operational Risk for Insurers
Discipline: Operational Risk, Insurance
First published:
ISBN: 9781782723233
The financial crisis, coupled with new requirements from global regulators for sound risk management, suggests operational risk to be front and center in CRO agendas. The Fundamentals of Operational Risk for Insurers focuses on the operational risk experiences that banks have endured and what lessons can be learned by insurers in their implementation of operational risk frameworks.
Contents
Introduction
The Financial Crisis of 2008 and Subsequent Market Changes
The Business Case for Insurers to Adopt Operational Risk Management
Insurance: Its Products, Services and Business Operations
Insurers’ Operational Risk Governance and Framework
Internal Risk-Event Reporting
External Loss Data
Risk and Control Assessments
Risk Indicators
Reporting and Analysis
The Past, the Present and the Future of Operational Risk Modelling
The Insurance Landscape
Three Lines of Defence
Reputation(al) Risk
Conduct Risk
Conclusions