Operational risk is the risk of loss from inadequate or failed internal processes, people, and systems or from external events. This document provides a summary of operational risk, including:
1) It defines operational risk and provides examples such as business interruption, errors by employees, product failure, and IT systems failure.
2) Risks can be identified through various techniques like workshops and audits to assess processes. They are then assessed for impact and likelihood.
3) Operational risks are managed through techniques like risk acceptance, risk sharing, risk reduction, and risk avoidance such as purchasing insurance. Ongoing monitoring and review is important.
It provides a general overview of enterprise risk management principles which can help to transform corporate from risk exposure to the risk protected. Consideration for basic steps in Risk Management Process are critically and logically analysed
The importance of risk management in businessr2financial
R2 Financial Technologies provides multi-asset risk analytics and risk intelligence to all sorts of business decision makers. Visit their website today to learn more http://www.r2-financial.com/.
It provides a general overview of enterprise risk management principles which can help to transform corporate from risk exposure to the risk protected. Consideration for basic steps in Risk Management Process are critically and logically analysed
The importance of risk management in businessr2financial
R2 Financial Technologies provides multi-asset risk analytics and risk intelligence to all sorts of business decision makers. Visit their website today to learn more http://www.r2-financial.com/.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
This file contains info related to my presentation on ERM implementation in the context of financial & regulatory convergence - requirements from SOX, Basel 2, COSO, and IAS/IFRS
Enterprise risk management has become a vital component to cyber security, logistics management, asset management and supply chain management. As organizations continue to rely on data to drive workforce automation, Industrial IoT and process automation, it is becoming necessary to analyze data to discover risk before it occurs and implement effective remediation practices and processes. Seminar participants will collaborate and explore the emerging new use cases for enterprise risk management that addresses the need to better understand how to leverage critical data to predict and understand how data analytics can support risk management and mitigation in an increasingly data-dependent workforce environment.
During this seminar, participants will:
a. Explore new innovations in enterprise risk management that will provide new career opportunities for STEM professionals
b. Examine the skills and experiences necessary to take advantage of risk management career opportunities
c. Discern the applicable areas for enterprise risk management
d. Determine the importance of addressing enterprise risk management in all digital transformation initiatives
e. Identify the market growth and consulting opportunities in enterprise risk management
Proposal for an Implementation Methodology of Key Risk Indicators System: Cas...Hajar Mouatassim Lahmini
Operational risk is a prominent preoccupation of all managers these days. Indeed, the development
of collective awareness has led executives to implement a wide variety of solutions in order
to keep this risk and its consequences under control. In this context, we propose a practical implementation
methodology of key risk indicators system with the aim to identify operational risks
and above all to propose preventive and corrective measures capable of monitoring and managing
operational risks. The proposed system will be adjusted to Investment Management process in a
Moroccan Asset Management Company.
PECB Webinar: Aligning ISO 31000 and Management of Risk MethodologyPECB
The webinar covers:
• ISO 31000 as the adopted standard, for ISO standards that have risk components, such as ISO 27005 and OHSAS 18001
• Description of Management of Risk (MoR) – how organizations can benefit
• Complementary values that ISO 31000 and MoR bring to each other
• How Risk Managers can evolve a practical approach to carrying out Risk Processes
Presenter:
This webinar was presented by PECB Trainer Orlando Olumide Odejide, an experienced Enterprise Architect and Chief Trainer for Training Heights Limited.
Presentation we developed with Saffron Building Society to demonstrate the power of social networking and the importance of managing your brand reputation online
Vietnam Veterans Newsletter 12/15 page 18. PA Government Officials commit fra...Terrell Patillo
TRINITY KINGS WORLD LEADERSHIP
Revelation 1:5
Amplified Bible (AMP)
5 and from Jesus Christ, the [a]faithful and trustworthy Witness, the [b]Firstborn of the dead, and the Ruler of the kings of the earth. To Him who [always] loves us and who [has once for all] [c]freed us [or washed us] from our sins by His own blood (His sacrificial death)
Ezra 7:26
Amplified Bible (AMP)
26 Whoever does not observe and practice the law of your God and the law of the king, let judgment be executed upon him strictly and promptly, whether it be for death or banishment or confiscation of property or imprisonment.”
Proverbs 16:12
Amplified Bible (AMP)
12 It is repulsive [to God and man] for kings to behave wickedly,
For a throne is established on righteousness (right standing with God).
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
This file contains info related to my presentation on ERM implementation in the context of financial & regulatory convergence - requirements from SOX, Basel 2, COSO, and IAS/IFRS
Enterprise risk management has become a vital component to cyber security, logistics management, asset management and supply chain management. As organizations continue to rely on data to drive workforce automation, Industrial IoT and process automation, it is becoming necessary to analyze data to discover risk before it occurs and implement effective remediation practices and processes. Seminar participants will collaborate and explore the emerging new use cases for enterprise risk management that addresses the need to better understand how to leverage critical data to predict and understand how data analytics can support risk management and mitigation in an increasingly data-dependent workforce environment.
During this seminar, participants will:
a. Explore new innovations in enterprise risk management that will provide new career opportunities for STEM professionals
b. Examine the skills and experiences necessary to take advantage of risk management career opportunities
c. Discern the applicable areas for enterprise risk management
d. Determine the importance of addressing enterprise risk management in all digital transformation initiatives
e. Identify the market growth and consulting opportunities in enterprise risk management
Proposal for an Implementation Methodology of Key Risk Indicators System: Cas...Hajar Mouatassim Lahmini
Operational risk is a prominent preoccupation of all managers these days. Indeed, the development
of collective awareness has led executives to implement a wide variety of solutions in order
to keep this risk and its consequences under control. In this context, we propose a practical implementation
methodology of key risk indicators system with the aim to identify operational risks
and above all to propose preventive and corrective measures capable of monitoring and managing
operational risks. The proposed system will be adjusted to Investment Management process in a
Moroccan Asset Management Company.
PECB Webinar: Aligning ISO 31000 and Management of Risk MethodologyPECB
The webinar covers:
• ISO 31000 as the adopted standard, for ISO standards that have risk components, such as ISO 27005 and OHSAS 18001
• Description of Management of Risk (MoR) – how organizations can benefit
• Complementary values that ISO 31000 and MoR bring to each other
• How Risk Managers can evolve a practical approach to carrying out Risk Processes
Presenter:
This webinar was presented by PECB Trainer Orlando Olumide Odejide, an experienced Enterprise Architect and Chief Trainer for Training Heights Limited.
Presentation we developed with Saffron Building Society to demonstrate the power of social networking and the importance of managing your brand reputation online
Vietnam Veterans Newsletter 12/15 page 18. PA Government Officials commit fra...Terrell Patillo
TRINITY KINGS WORLD LEADERSHIP
Revelation 1:5
Amplified Bible (AMP)
5 and from Jesus Christ, the [a]faithful and trustworthy Witness, the [b]Firstborn of the dead, and the Ruler of the kings of the earth. To Him who [always] loves us and who [has once for all] [c]freed us [or washed us] from our sins by His own blood (His sacrificial death)
Ezra 7:26
Amplified Bible (AMP)
26 Whoever does not observe and practice the law of your God and the law of the king, let judgment be executed upon him strictly and promptly, whether it be for death or banishment or confiscation of property or imprisonment.”
Proverbs 16:12
Amplified Bible (AMP)
12 It is repulsive [to God and man] for kings to behave wickedly,
For a throne is established on righteousness (right standing with God).
Abstract: Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
Risk management Phase 1-5 Individual Project
Table of Contents
Introduction 3
Project Outline 3
Project risk identification 4
Project risk assessment 6
Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and move into a global perspective. Let’s ay for instance a possible expansion in the expansion of an oil refinery plant, such as a sulphur plant, my project will be to research Savage Gulf Sulphur Services. The project is supposed to ensure that the company will generate more revenue, and then it shall move into a global perspective. With the project, the company shall also increase its production due to large demand generated by the new market in the globe. Every project is faced with a certain degree of risk in the activities that it takes in an organization. It is important for organizations should carry out risk assessment procedures that are inclined in ensuring that an effective strategy shall be formulated to eliminate risk. This paper will discuss the risk management strategy and the processes that are taken in the management of risk in an organizational structure.
Project Outline
The project is it intended to increase the organized capacity and move into the global market structure. This will involve the purchase of new factors of production such as land, investors and business owners invest large amounts of capital to such investments. The project will also
Risk management justification
Risk management is identified and can be described as an assesment that has all these prioritization of risks, the management of risk could involve precise coordination and ecomonical application strategies with ereasons to minimize, control and monitor the probability and impact of unfortunate events. Risk management also helps in maximization and the act of realization of opportunities. In an organizational structure, risk management has a variety of functions which makes it an important department in an organization, based on the many roles that the risk management. This is the implementation of a strong and effective risk management and controls within securities firm, a helps in promoting stability throughout the entire firm. Risk management controls are divided into two categories. The internal and external control categories help in providing useful and effective control systems. The internal controls help in protecting the firms against market, credit, operational and legal risks. Secondly, it helps in protecting the financial industry from all the systemic risks in the organization structure (Merna, 2008)
Risk management is useful in protecting the firm's customers from enormous and large non-market related losses such as misappropriation of resources, fraud and firm failure. Such failures can result in enormous risk in the organization. R ...
Table of Contents
Introduction 3
Project Outline 3
Project risk identification 4
Project risk assessment 6
Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and move into a global perspective. Let’s ay for instance a possible expansion in the expansion of an oil refinery plant, such as a sulphur plant, my project will be to research Savage Gulf Sulphur Services. The project is supposed to ensure that the company will generate more revenue, and then it shall move into a global perspective. With the project, the company shall also increase its production due to large demand generated by the new market in the globe. Every project is faced with a certain degree of risk in the activities that it takes in an organization. It is important for organizations should carry out risk assessment procedures that are inclined in ensuring that an effective strategy shall be formulated to eliminate risk. This paper will discuss the risk management strategy and the processes that are taken in the management of risk in an organizational structure.
Project Outline
The project is it intended to increase the organized capacity and move into the global market structure. This will involve the purchase of new factors of production such as land, investors and business owners invest large amounts of capital to such investments. The project will also
Risk management justification
Risk management is identified and can be described as an assesment that has all these prioritization of risks, the management of risk could involve precise coordination and ecomonical application strategies with ereasons to minimize, control and monitor the probability and impact of unfortunate events. Risk management also helps in maximization and the act of realization of opportunities. In an organizational structure, risk management has a variety of functions which makes it an important department in an organization, based on the many roles that the risk management. This is the implementation of a strong and effective risk management and controls within securities firm, a helps in promoting stability throughout the entire firm. Risk management controls are divided into two categories. The internal and external control categories help in providing useful and effective control systems. The internal controls help in protecting the firms against market, credit, operational and legal risks. Secondly, it helps in protecting the financial industry from all the systemic risks in the organization structure (Merna, 2008)
Risk management is useful in protecting the firm's customers from enormous and large non-market related losses such as misappropriation of resources, fraud and firm failure. Such failures can result in enormous risk in the organization. Risk management also helps in the act or protecting the fi ...
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
This Risk Management Standard is the
result of work by a team drawn from the
major risk management organisations in
the UK - The Institute of Risk
Management (IRM),The Association of
Insurance and Risk Managers (AIRMIC)
and ALARM The National Forum for
Risk Management in the Public Sector.
In addition, the team sought the views and
opinions of a wide range of other
professional bodies with interests in risk
management, during an extensive period
of consultation.
Risk management is a key to success, it is about escaping threats and maximising opportunities. M_o_R framework includes principles, approach, process, embedding and reviewing M_o_R. This is a very brief introduction to M_o_R risk management.
1. Operational riskTopic Gateway Series
1
Prepared by Helen Matthews and Technical Information Service September 2008
Operational Risk
Topic Gateway series No. 51
2. Operational riskTopic Gateway Series
About Topic Gateways
Topic Gateways are intended as a refresher or introduction to topics of interest
to CIMA members. They include a basic definition, a brief overview and a fuller
explanation of practical application. Finally they signpost some further resources
for detailed understanding and research.
Topic Gateways are available electronically to CIMA members only in the CPD
Centre on the CIMA website, along with a number of electronic resources.
About the Technical Information Service
CIMA supports its members and students with its Technical Information Service
(TIS) for their work and CPD needs.
Our information specialists and accounting specialists work closely together to
identify or create authoritative resources to help members resolve their work
related information needs. Additionally, our accounting specialists can help CIMA
members and students with the interpretation of guidance on financial reporting,
financial management and performance management, as defined in the CIMA
Official Terminology 2005 edition.
CIMA members and students should sign into My CIMA to access these services
and resources.
2
The Chartered Institute
of Management Accountants
26 Chapter Street
London SW1P 4NP
United Kingdom
T. +44 (0)20 8849 2259
F. +44 (0)20 8849 2468
E. tis@cimaglobal.com
www.cimaglobal.com
3. Operational riskTopic Gateway Series
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Definition and concept
What is business/operational risk?
‘Business/operational risk relates to activities carried out within an entity, arising
from structure, systems, people, products or processes.’
CIMA Official Terminology, 2005
Operational risk has also been defined as:
‘The risk of loss resulting from inadequate or failed internal processes, people
and systems, or from external events.’
Basel Committee on Banking Supervision, 2004
Risk management is:
‘A process of understanding and managing the risks that the entity is inevitably
subject to in attempting to achieve its corporate objectives. For management
purposes, risks are usually divided into categories such as operational, financial,
legal compliance, information and personnel. One example of an integrated
solution to risk management is enterprise risk management.’
CIMA Official Terminology, 2005
Context
In the current syllabus, CIMA students will learn and may be examined on this
topic in Paper 3, Management Accounting Risk and Control Strategy.
In the CIMA Professional Development Framework, risk (including operational
risk) features in Governance, Enterprise Risk Management, and Business Skills,
Business Acumen and Manage Risk.
Related concepts
Introduction to managing risk; enterprise risk management.
4. Operational riskTopic Gateway Series
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Overview
There is a huge variety of specific operational risks. By their nature, they are often
less visible than other risks and are often difficult to pin down precisely.
Operational risks range from the very small, for example, the risk of loss due to
minor human mistakes, to the very large, such as the risk of bankruptcy due to
serious fraud. Operational risk can occur at every level in an organisation.
The type of risks associated with business and operation risk relate to:
• business interruption
• errors or omissions by employees
• product failure
• health and safety
• failure of IT systems
• fraud
• loss of key people
• litigation
• loss of suppliers.
Operational risks are generally within the control of the organisation through risk
assessment and risk management practices, including internal control and
insurance.
5. Operational riskTopic Gateway Series
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Application
Risk categorisation
Risks can be categorised in a number of ways. A popular way is to use one of
four main categories, namely operational risk, financial risk, environmental risk
and reputational risk. It is important that risks are categorised in a way that is
relevant to the needs of the organisation. Some of the benefits of categorisation
include:
• providing a framework that can be used to define who is responsible, to
design appropriate internal controls and to assist in simplified risk reporting
• assisting managers to identify how they can use their past experience to
categorise risk
• helping organisations to identify related risks in the same category
• giving assistance in recognising which risks are inter-related.
Operational risk identification
Operational risk sources may be internal or external to the business and are
usually generated by people, processes and technology.
Identification is one of the most important areas of managing risk. Failure to
identify risk will certainly mean that no action is taken to manage that risk.
There are a number of different techniques that can be used to identify risk. A
common method used in risk identification is the use of workshops to
‘brainstorm’. This can be used at different levels of the organisation and can
identify a large number of risks in a short time. To keep ideas flowing, it is
important to keep identification sessions focused on identifying risks and not to
move on to evaluate the risks.
Operational risks are largely based on procedures and processes, so this lends
itself to the use of audit for risk identification purposes. Risk based audit can be
used as a tool to identify risks, as well as a method of reporting to the board on
the effectiveness of the organisation’s risk management framework.
6. Operational riskTopic Gateway Series
Risk based audit can use the following methods to assess risks:
• intuitive or judgemental assessment
• risk assessment matrix
• risk ranking.
Another approach to identifying operational risk is to look for critical
dependencies in people, processes, systems and external structures. Once
identified, the dependencies can be managed or engineered by adding fail-safes
and system redundancies. Other approaches include physical inspection and
incident investigation.
Once risks have been identified based on a suitable way of categorising them, it
becomes possible to think of tools that may be used to measure and manage
them.
Risk assessment and measuring
Various methods may be used to assess the severity of each risk once it has been
identified. One of the reasons for measuring risk is that it allows the most
significant risks to be prioritised.
The result or impact of a risk occurring may be financial loss, damage to
reputation, process change or a combination of these. One of the simplest ways
to measure risks is to apply an impact and likelihood matrix which provides an
overall risk rating.
Adapted from: Emergency Preparedness (Guidance on part 1 of the Civil
Contingencies Act 2004)
6
7. Operational riskTopic Gateway Series
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One of the issues with measuring risk is that there are objective or subjective
risks. Many risks are subjective and qualitative, rather than objectively identifiable
and measurable. For example, the risks of litigation, economic downturn, loss of
key employees, natural disasters and loss of reputation are all subjective
judgements. There is an important distinction between objective, measurable
risks and subjective, perceived risks. Some of the factors that influence this
distinction are:
• how recently the risk has occurred
• how visible the risk is
• how management perceives the risk
• how the organisation establishes formal or informal ways of dealing with the
risk.
The analysis can be either quantitative or qualitative, but it should allow for
comparison and trend analysis.
One of the issues with risk assessment is that traditional risk assessment
techniques often focus on those elements that can be quantified easily. Such
techniques fail to address all critical drivers of successful risk management.
Impact
When considering the impact of operational risk there are three primary areas
that affect the business activity.
Property exposures – these relate to the physical assets belonging to or
entrusted to the business.
Personnel exposures – these relate to the risks faced by all those who work for
and with the business, including customers, suppliers and contractors.
Financial exposures – these relate to all aspects of the company’s ability to
trade, whether profitability or not, and cover internal and external exposures of
all types. Financial exposures also include intellectual property, goodwill and
patents.
8. Operational riskTopic Gateway Series
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Managing operational risks
Risk evaluation is used to make decisions about the significance of the risks to
the organisation and whether each specific risk should be accepted or treated.
When looking at operational risk management, it is important to align it with the
organisation’s risk appetite. The risk appetite will be influenced by the size and
type of organisation, its capacity for risk and its ability to exploit opportunities
and withstand setbacks.
Once the severity of the risk has been established, one or more of the following
methods of controlling risk can be applied:
• accepting the risk
• sharing or transferring the risk
• risk reduction
• risk avoidance.
Insurance is a long established control method for transferring risk. This applies
to a number of types of operational risk, for example, damage to buildings.
However, more recently there has been an increase in the use of insurance
combined with other methods such as business continuity management.
One issue with measuring and managing subjective operational risks is that
unless the risk occurs, it is not possible to be certain of the impact of the risk. The
severity of the risk may be underestimated.
One of the issues with operational risk is the continuously changing business
environment. This is stressed in Internal control: guidance for directors on the
Combined Code, also known as the Turnbull Report (1999), which states:
‘A company’s objectives, its internal organisation and the environment in which it
operates, are continually evolving and, as a result, the risks it faces are continually
changing. A sound system of internal control therefore depends on a thorough
and regular evaluation of the risks to which it is exposed.’
Once a decision has been made about how to manage or control the risk, it is
important to have a process in place to monitor actively and to review and report
regularly on the risk management framework.
9. Operational riskTopic Gateway Series
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Critical success factors in risk management are:
• clearly identified senior management to support, own and lead on risk
management
• existence and adoption of a framework for risk management that is
transparent and repeatable
• risk is actively monitored and regularly reviewed
• management of risk is fully embedded in the management process and
consistently applied
• clear communication with all staff
• management of risks is closely linked to the achievement of objectives.
Case studies
Case: Managing business interruption – Lehman Brothers
This case study looks at the lessons learned from 11 September 2001 in relation
to business continuity management. Available from: http://digbig.com/4xewr
[Accessed 17 July 2008]
One of the key operational risks to any organisation is business interruption. To
manage this risk, organisations must have a robust business continuity plan.
There is a close link between business continuity management (BCM) and
operational risk.
There have been significant developments in the area of BCM. Earlier disaster
recovery plans anticipated a failure and subsequent recovery from it, while many
business operations now are so time critical that no outage whatsoever can be
tolerated. BCM now embraces both the creation of a ‘non-stop’ infrastructure
and operational capability, as well as recovery from operational failure.
Five key steps in business continuity management:
1. Assessing and objective setting.
2. Critical process identification.
3. Business impact analysis.
4. Business continuity planning (BCP).
5. Monitoring, testing and improving.
10. Operational riskTopic Gateway Series
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Other case studies
The Confederation of British Industry (CBI) produces a variety of business guides.
Included within these guides are a number of case studies covering the
implementation of an operation risk management system.
Available from: www.cbi.org.uk
[Accessed 18 July 2008]
Amersham PLC case study: business risk management in practice in Rock, S. (ed).
Managing business risk – CBI Business Guide
This article outlines the implementation and embedding of operation risk
measures across an organisation.
Thomas, D. Implementing a risk management programme, pp 23-27 in Rock, S.
(ed.) Business risk – CBI Business Guide
Woods, M., Kajuter, P. and Linsley, P. (ed.) (2007). The case of the Telecom Italia
Group – from internal audit to enterprise risks management in International risk
management systems, internal control and corporate governance. Oxford:
Elsevier. This case study outlines the process of implementation and benefits of
ERM relating to operational risk.
Implementation of risk management in the public sector. This case study looks at
the key risk management processes at the Department of Natural Resources and
Environment (DNRE) in Victoria, Australia. It examines DNRE's drivers,
implementation, successes, lessons learned, future directions and implications
within a public sector arena. Available from: http://digbig.com/4xews
[Accessed 17 July 2008]
References
DeLoach, J. (2000). Enterprise-wide risk management: strategies for linking risk
and opportunity. Harlow: Financial Times/Prentice Hall
McNeill, I. (2003). Business continuity in Jolly, A. (ed.) Managing Business Risk.
London: Kogan Page
Enterprise risk management: integrated framework. Executive summary.
Committee of Sponsoring Organisations of the Treadway Commission (COSO),
September 2004. Available from: http://digbig.com/4xeqm
[Accessed 16 July 2008]
11. Operational riskTopic Gateway Series
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(2008). Paper P3, Management accounting, risk and control strategy. CIMA
Official Learning System. Oxford: Elsevier (2002). Risk management: a guide to
good practice. London: CIMA
(2000). Croner’s management of business risk. Kingston upon Thames: CCH
Further information
Articles
Full text articles available to CIMA members from Business Source Corporate
through My CIMA www.cimaglobal.com/mycima
[Accessed 17 July 2008]
Backhouse, T. Operational risk management: overcoming the hidden dangers.
Credit Control, 2002, Volume 23, Issue 5, p. 28
Grody, A.D. Operational risk management to the rescue. Securities Industry
News, 26/05/2008, Volume 20, Issue 21, pp 4-10
Hanssen, J. Corporate culture and operational risk management. Bank
Accounting and Finance, February/March 2005, Volume 18, Issue 2, pp 35-38
Katz, D. How much of ‘operational’ risk management is hype? National
Underwriter/Property and Casualty Risk and Benefits Management, 05/06/2000,
Volume 104, Issue 23, p. 15
Lindseth, S. Operational risk management. DM Review, February 2005, Volume
15, Issue 2, pp 30-33
McCollum, T. Audit committees focus on operational risk. Internal Auditor, June
2008, Volume 65, Issue 3, pp 15-16
Sharon, B. Operational risk management: the difference between risk
management and compliance. Business Credit, July/August 2006, Volume 108,
Issue 7, pp 12-14
Shea, E.P. Establish operational risk and compliance management as a
sustainable business process. Business Credit, May 2006, Volume 108,
Issue 5, p. 16
12. Operational riskTopic Gateway Series
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Books
Alexander, C. (2003). Operational risk: regulation, analysis and management.
Harlow: Pearson Education
Barlow, Lyde and Gilbert. Scott, A. (ed). (2000). Risk management for
accountants. London: ABG Professional Information
Dowd, K. (1998). Beyond value at risk: the new science of risk management.
Chichester: Wiley. (Wiley Series in Frontiers in Finance)
Davis, E. (2006). The advanced measurement approach to operational risk.
London: Risk Books
Davis, E.L. (2005). Operational risk: practical approaches to implementation.
London: Risk Books
Hoffman, D. (2002). Managing operational risk: 20 firmwide best practice
strategies. New York: Jonn Wiley and Sons. (Wiley Finance Series)
Kaiser, T. (2006). An introduction to operational risk: a practitioner guide.
London: Risk Books
Loader, D. (2006). Operations risk: managing a key component of operational
risk. Oxford: Elsevier. (Elsevier Finance Series)
Nash, T. (ed.) (2003). Risk management: helping directors to identify and control
business risks effectively. London: Director Publications (published for the Institute
of Directors and AXA Insurance). (A Director’s Guide Series)
Reuvid, J. (ed.) (2007). Managing business risk: a practical guide to protecting
your business. 4th ed. London: Kogan Page
Scandizzo, S. (2007). The operational risk manager’s guide: how to understand
methodologies, policies and procedures. London: Risk Books
Vinella, P. and Jin, J. (2006). Corporate governance and operational risk: a
practical guide. New York: Wiley. (Wiley Finance Series)
(2007). Management of risk: guidance to practitioners. 2nd ed. London:
Stationery Office
13. Operational riskTopic Gateway Series
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CIMA publications
Collier, P., Berry, A. and Burke, G. (2006). Risk and management accounting:
best practice guidelines for enterprise-wide internal control procedures. Research
Executive Summary Series, Volume 2, No. 11, London: CIMA
Available from: www.cimaglobal.com/researchexecsummaries
[Accessed 16 July 2008]
Collier, P.M. and Agyei-Ampomah, S. (2006) Management accounting: risk and
control strategy. CIMA Official Study System. Oxford: Elsevier
Epstein, M.J. and Buhovac, A.R. (2006). The reporting of organisation risk for
internal and external decision makers. CIMA Management Accounting Guideline.
Available from: http://digbig.com/4xeqc
[Accessed 16 July 2008]
Helliar, C. et al. (2005). Interest rate risk management: an investigation into the
management of interest rate risk in UK companies. Research Executive Summary
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Philadelphia: The Wharton School, University of Pennsylvania
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(2002). Managing risk to enhance shareholder value. IFAC/CIMA.
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