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Operational Risk in General Insurance

A working party (of which I was a member) presented a report on operational risk in general insurance to GIRO 2002. The report and slides for the presentation are both available online from my publications page.

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Operational Risk Data Collection Exercise – 2002

The BIS have recently published the format they are using to
collect operational risk data from banks in their Operational
Risk Data Collection Exercise – 2002. The exercise is described at http://www.bis.org/bcbs/qis/oprdata.htm.

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Sound Practices for the Management and Supervision of Operational Risk

One of the reasons that operational risk is a hot topic nowadays is that the Basel 2 agreement will include capital requirements for operational risk for banks. The Basel committee have produced this paper, available from their site at http://www.bis.org/publ/bcbs91.htm.

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Mastering Risk Volume 1: Concepts

Edited by James Pickford, this book is a collection of chapters by different authors that first appeared
as a series in the Financial Times. The chapters vary in quality, but most are useful to some degree. Some chapters in the book tend to assume a banking background. There are five chapters on operational risk, somewhat less banking oriented than many of the other chapters. It has a useful overview chapter on credit risk, Lenders and borrowers demand a creditable system by Suresh M. Sundaresan. There is a useful chapter on enterprise risk management, Total strategies for company-wide risk control by Lisa Meulbroek. Visit the page for this book on Amazon.

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Turnbull Report

Internal Control: Guidance of Directors on the Combined Code. Published by the Institute of Chartered Accountants in England and Wales. See http://www.icaew.co.uk/internalcontrol
for more information.

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Risk Management, by Andrew Holmes

A book in the ExpressExec series. It gives a brief overview of several
aspects of risk management, rather less biased towards banking than many other books (and also much shorter). It covers a somewhat eclectic range of topics, and has a useful list of resources. Visit
its page at Amazon.

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RAMP

The Institution of Civil Engineers and the Faculty and Institute of Actuaries have produced a process for risk analysis and management for projects known as RAMP. Its website is at http://www.ramprisk.com/. A simplified version of the process is described at http://www.actuaries.org.uk/Display_Page.cgi?url=/ramp/index.xml.

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Report on Enterprise Risk Management

The Casualty Actuarial Society presents a process for ERM. The primary purpose of the report is to consider the role of actuaries in risk management, but it gives a useful general overview too. It includes a risk classification meant for general use, rather than limited to a specific industry. The report is available from the CAS site at http://casact.org/research/erm/.

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Financial Services Authority

The FSA is the regulatory authority for the financial services industry in the UK. Its website at
http://www.fsa.gov.uk contains all the public documents produced by the FSA, including consultation papers and the texts of speeches as well as the currently applicable Handbook of rules and guidance.

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A Risk Management Standard

Produced by The Institute of Risk Management, in conjunction with ALARM (The National Forum for Risk Management in the Public Sector) and airmic (The Association of Insurance and Risk Managers). It is available from their website at http://www.theirm.org/publications/PUstandard.html.