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IRM (2015)Operational risk modelling: common practices and future development (Executive Summary)here

Introduction (partial)

"Firms use operational risk models to quantify and better understand the risks they are facing. These models should be used to inform senior management decisions and firms that have successfully implemented such an approach can ultimately use the model for the purposes of regulatory and economic capital calculation.

Insurance firms face significant challenges in modelling operational risk and this guidance document has been developed by the industry to assist firms in the development of their operational risk capital frameworks. It draws on:

- The results of a survey ORIC International and Oliver Wyman conducted on Operational Risk Management and Measurement

- ORIC International’s Scenario Universe 2015

- Leading practices identified in the insurance sector

- Discussions and outputs from ORIC International’s Capital Modelling Working

- Discussion Groups; and

- The views and knowledge of subject matter experts from ORIC International, its member firms, Oliver Wyman and the IMIF workstreams."


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