By Dennis I. Dickstein
Why should still an organization have an operational chance administration functionality and the way should still it's equipped? No Excuses proposes that operational probability may be tested in the course of the enterprise procedures, that's, the flows of commercial. It offers sensible, how-to, step by step classes and checklists to assist establish and mitigate operational hazards in a company. to boot, it exhibits how operational chance may be without delay associated with the method flows of a enterprise for all industries. CEOs, CFOs, COOs, CROs, CIOs, and CAOs will reap the benefits of this cutting edge booklet.
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Extra info for No Excuses: A Business Process Approach to Managing Operational Risk
Example text
You may pay one dollar for a lottery ticket, knowing that the odds of winning are very low and thus the risk of losing that dollar is very high. The potential reward (if you win)—millions of dollars—is very high. As a result, millions of people take this high risk, because the cost is so low and the potential reward is so high. It is doubtful that many people would buy the same lottery ticket with the same odds of winning if the price were $100 a ticket. Credit risk and market risk are like that as well—risks taken with the expectation of reward.
Insurance is a form of risk management used to hedge against a potential loss. Thus, rather than trying to develop and implement an ORM framework, a company could instead purchase insurance for losses from operational risks. One would likely find that the cost of determining how much insurance is needed plus the cost of the actual insurance is greater than the cost of developing and implementing an ORM framework. In addition, the use of risk management information systems (RMISs) is typical in insurance-related businesses.
S. national corporations. 46 whe re we are now Remember the difference between a firefighter and a fire marshal? The firefighter would perform well within the boundaries of the commonly used operational risk framework and the well-known principles of COSO, Basel II, and others. As stated previously, firefighters are very important, and such a framework is important to provide them. The fire marshal, however, would need a different framework. The new proactive ORM framework introduced here would be a more suitable and actually necessary methodology for a company’s fire marshal—the head of risk management—and other senior management to employ.