"The Operational Risk Handbook for Financial Companies" is a groundbreaking new book. It seeks to apply for the first time a range of proven operational risk techniques from other industries and disciplines to the troubled territory of financial services. Operational risk expert Brian Barnier introduces a range of sophisticated, dependable and crucially approachable tools for risk evaluation, risk response and risk governance. He provides a more robust way of gaining a better picture of risks, shows how to build risk-return awareness into decision making, and how to fix (and not just report) risks. The practical importance of fully understanding and acting on risk to the business begins in the foreword on plan-B thinking, penned by Marshall Carter, chairman of the NYSE and deputy chairman of NYSE Euronext. The book is unique because: It is not just about modeling and a few basic tools derived from regulatory requirements. Instead, it looks at management of risk to operations across industries, professional disciplines and history to help ops risk leaders become aware of the entire landscape of proven experience, not just their own conference room. It is not just about compliance. Instead, it looks to operations as part of performance - managing risk to return for shareholders and other interests (e.g. guarantee funds). It is not content to look at risk in stand-alone segments or silos; instead it takes a systems approach. It is not just about ops risk leaders sharing war stories at a conference. Instead, it introduces a panel of six financial institution board members who get risk management and provide their perspectives throughout the book to encourage/demand more from ops risk to meet the needs of the institution in the world. It is not a semi-random collection of tips and tricks. Instead, it is grounded in a risk-management process flow tailored to financial companies from a range of proven experience, providing tools to help at each step. Suitable for companies of all sizes, this book is of direct relevance and use to all business managers, practitioners, boards and senior executives. Key insights from and for each are built into every chapter, including unique contributions from board members of a range of companies. "The Operational Risk Handbook for Financial Companies" is an essential book for making better decisions at every level of a financial company; ones that measurably improve outcomes for boards, managers, employees and shareholders alike.
About the Author Acknowledgements Preface Foreword-Marshall Carter on Plan B Thinking Introduction Touchstones to Keep Focus on Efficiency and Effectiveness 'Been There, Done That'-the Voice of Experience Bringing it Together Part 1. Evaluating Risk 1.1. Lighting up 'Dark Corners' 1.2. Know the Business: evaluating the environment and the enterprise 1.3. The Right Tool for the Right Risk Type 1.4. Seeking Scenarios: providing more power to see-the 'why' and 'what' 1.5. Creating More Robust Scenarios More Easily-the 'how' 1.6. Evaluating Scenario Quality and Avoiding Bias 1.7. Creating Insightful Single Sources of Risk Information 1.8. Capital Estimates: Trips, Traps and Pitfalls 1.9. Capital and Performance Incentives 1.10. Watch for Warnings 1.11. Key Insights for Evaluating Risk Part 2. Responding to Risks 2.1. Responding to Risk: managing options, finding balance, creating levers 2.2. Prioritizing Improvements 2.3. Strengthening the Institution in its Environment 2.4. Improving Control Capability 2.5. Improving Product Management and Fraud Prevention 2.6. Improving IT-related Business Risk Management 2.7. React and Recover-Right Action at the Right Time 2.8. Key Insights for Responding to Risk Part 3. Oversight of Risk Management 3.1. Oversight of Risk Management 3.2. Four Functions of a Governor 3.3. Key Insights for Oversight and Governing Risk Part 4. You in Your Institution 4.1. Overcoming Barriers to Better Risk Management 4.2. Your Questions for the Board of Directors 4.3. Conclusion: your opportunity to make a difference Index
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