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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 subscribers to the journal.
Author's Biography
Rajat Baijal is the Managing Director–Global Head of Enterprise Risk at Cantor Fitzgerald. In this role, he is responsible for designing and embedding a robust risk framework across the firm. This includes articulating and implementing an effective risk and control self-assessment (RCSA), risk event management, key risk indicators, etc., and ensuring that the board is suitably informed about all material risk issues. Rajat has an MBA in Finance and has worked across the United Kingdom and the United States for firms such as Lloyds Banking Group, American Express, Aviva and Kensington Mortgages. Rajat is a regular speaker at risk conferences across London and New York and has authored a number of papers for risk journals/textbooks.
