Fighting Covid-19 in countries and operational risk in banks: similarities in risk management processes

IF 0.4 4区经济学 Q4 BUSINESS, FINANCE

Journal of Operational Risk Pub Date : 2021-01-01 DOI:10.21314/jop.2021.010

Thomas Kaiser

引用次数: 0

Abstract

Banks have been building, refining and applying operational risk management (including considerations for, but so far not focusing on, pandemics) for more than 20 years. Countries have been dealing with the Covid-19 pandemic for more than a year at the time of writing. Both approaches have a lot of similarities. These encompass the full risk management process: from risk strategy and data collection to modeling and decision-making. Both disciplines could learn from each other to overcome obstacles in effectively mitigating major risks, among them future pandemics.

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各国抗击Covid-19和银行操作风险:风险管理流程的相似性

20多年来，银行一直在建立、完善和应用操作风险管理(包括对流行病的考虑，但迄今尚未将重点放在流行病上)。截至撰写本文时，各国应对Covid-19大流行已有一年多的时间。这两种方法有很多相似之处。这些包括完整的风险管理过程:从风险战略和数据收集到建模和决策。这两个学科可以相互学习，以克服有效减轻重大风险的障碍，其中包括未来的大流行病。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Operational Risk BUSINESS, FINANCE-

CiteScore

1.00

自引率

40.00%

发文量

期刊介绍： In December 2017, the Basel Committee published the final version of its standardized measurement approach (SMA) methodology, which will replace the approaches set out in Basel II (ie, the simpler standardized approaches and advanced measurement approach (AMA) that allowed use of internal models) from January 1, 2022. Independently of the Basel III rules, in order to manage and mitigate risks, they still need to be measurable by anyone. The operational risk industry needs to keep that in mind. While the purpose of the now defunct AMA was to find out the level of regulatory capital to protect a firm against operational risks, we still can – and should – use models to estimate operational risk economic capital. Without these, the task of managing and mitigating capital would be incredibly difficult. These internal models are now unshackled from regulatory requirements and can be optimized for managing the daily risks to which financial institutions are exposed. In addition, operational risk models can and should be used for stress tests and Comprehensive Capital Analysis and Review (CCAR). The Journal of Operational Risk also welcomes papers on nonfinancial risks as well as topics including, but not limited to, the following. The modeling and management of operational risk. Recent advances in techniques used to model operational risk, eg, copulas, correlation, aggregate loss distributions, Bayesian methods and extreme value theory. The pricing and hedging of operational risk and/or any risk transfer techniques. Data modeling external loss data, business control factors and scenario analysis. Models used to aggregate different types of data. Causal models that link key risk indicators and macroeconomic factors to operational losses. Regulatory issues, such as Basel II or any other local regulatory issue. Enterprise risk management. Cyber risk. Big data.