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Identification, quantification and monitoring of operational risk
Journal of Securities Operations & Custody,
13
(3),
253-263
(2021)
Abstract
This paper analyses some of the challenges of operational risk. Specifically it looks at using the risk and control self-assessment (RCSA) process to effectively identify and assess operational risk, using key risk indicators (KRIs) to enable a dynamic process around monitoring of operational risks and utlising the risk event management process to record and manage loss of data and perform appropriate trend analysis to enhance the control environment.
Keywords: operational risk; risk and control self-assessment (RCSA); key risk indicators (KRIS); risk event management
The full article is available to institutions that have subscribed to the journal.
Author's Biography
Rajat Baijal has worked within risk management for about 15 years. During this time, he has worked with a number of global banks and insurance firms specialising in the design and implementation of their operational risk framework. Rajat is currently the Head of Enterprise Risk at Cantor Fitzgerald where he leads the embedding of the operational risk framework across the banking/brokerage institution. Rajat received his MBA from University of Glasgow specialising in finance. He is a regular speaker at prominent risk conferences in London and New York. In his spare time, he likes listening to heavy metal music (to take his mind off operational risk!) and running half-marathons.
