Quantifying Operational Risk ∗

@inproceedings{Smithson2003QuantifyingOR,
  title={Quantifying Operational Risk ∗},
  author={Charles Smithson and Jos{\'e} G. Vargas Hern{\'a}ndez},
  year={2003}
}
Financial institutions recognize the importance of quantifying (and managing) operational risk. While losses like the $1.6 billion loss suffered by Barings in 1995 capture most of the attention, operational losses are widespread. PricewaterhouseCoopers compiled press reports indicating that financial institutions lost in excess of $7 billion in 1998 due to operational problems and that the largest financial institutions lose as much as $100 million annually. Operational Risk, Inc. indicates… CONTINUE READING

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