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Title:Review of best international practice in operational risk management PDF Logo
Authors:Thlon, Michał
Issue Date:2011
Citation:[Journal:] e-Finanse: Financial Internet Quarterly [ISSN:] 1734-039X [Volume:] 7 [Year:] 2011 [Issue:] 1 [Pages:] 13-22
Abstract:The aim of this paper is to analyze standards of good practice relating to operational risk management. Huge losses incurred by renowned companies (e.g. Barings Bank, Enron) as well as local authorities (e.g. Orange County) as a result of errors in operational risk management caused growing interest in this area of science. New strategies of operational risk management implemented in companies and institutions should function within the framework created by legal and corporate regulations valid in a given country. In this paper the author presents various definitions of corporate governance standards and proposes his own definition related directly to the issues discussed here. Then he presents basic systems of risk management consistent with discussed standards. In conclusion, Polish equivalents of normative regulations discussed here were presented, on the basis of which one could construct a system of operational risk management.
Subjects:operational risk
corporate governance
risk management systems
JEL:G30
M14
Document Type:Article
Appears in Collections:e-Finanse: Financial Internet Quarterly

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