Analysis and Management of Operational Risk in Financial and Insurance Companies. a Comparative
Published
Dec 31, 2018
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María José Pérez Fructuoso
https://orcid.org/0000-0002-3252-1631
Jessica Gragera Cubero
https://orcid.org/0000-0002-3252-1631
Jessica Gragera Cubero
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Abstract
This paper pretends from the Basel II and III regulatory documents on finance and Solvency II on insurance, to establish what operational risk is, what are the specific characteristics in both areas, how it is managed and what are the methods of calculating it. Based in this information it will be made an analysis of the differences that occur in both and it is tried to determine the reasons that lead to these differences.
Keywords
Basel II; Basel III; Financial institution; Insurance Company; Operational risk; Risk models; Solvency IIBasilea II; Basilea III; Entidad aseguradora; Entidad financiera; Modelos de riesgo; Riesgo operacional; Solvencia II
References
- Basel Committee on Banking Supervision (2011). Principles for the Sound Management of Operational Risk. Bank for International Settlements. Basel, Switzerland. Disponible en http://www.bis.org/publ/bcbs195.htm
- Basel Committee on Banking Supervision (2004). International Convergence of Capital Measurement and Capital Standards: a revised framework, nº 107. Basilea. Suiza. Disponible en: http://www.bis.org/publ/bcbs107.htm
- Basel Committee on Banking Supervision (2003). Sound Practices for the Management and Supervision of operational risk. Bank for International Settlements. Disponible en: http://www.bis.org/publ/bcbs96.htm
- Boller, P., Grégoire, C. y Kawano, T. (2016). Operational Risk en IAA Risk Book. International Actuarial Association. Disponible en: http://www.actuaries.org/index.cfm?lang=EN&DSP=PUBLICATIONS&ACT=RISKBOOK
- Comité de Supervisión Bancaria de Basilea (2005). Convergencia Internacional de Medidas y Normas de Capital. Marco Revisado. Disponible en: http://www.bis.org/publ/bcbs107esp.htm
- Committee of European Insurance and Occupational Pensions Supervisors (2009). Advice for Level 2 Implementing Measures on Solvency II: SCR standard formula - Article 111 (f) Operational Risk. CEIOPS-DOC-45/09.
- Cooper, B., Piwcewicz, B. y Warren, N. (2014). Operational risk modeling: how far have we progressed? Actuaries Institute. Financial Services Forum. Sydney
- European Insurance and Occupational Pensions Authority (2014). Guidelines on Own Risk and Solvency Assessment (ORSA). EIOPA-BoS-14/259 EN. Disponible en: https://eiopa.europa.eu/publications/eiopa-guidelines/guidelines-on-own-risk-solvency-assessment-(orsa)
- Oesterreichische Nationalbank (2016). Guidelines on Operational Risk Management. Vienna. Disponible en: https://www.oenb.at
- Pacheco López, D. (2009). Riesgo operacional: Conceptos y mediciones. Superintendencia de Bancos e Instituciones Financieras de Chile. Disponible en: https://www.sbif.cl/sbifweb/internet/archivos/publicacion_8511.pdf
- Basel Committee on Banking Supervision (2004). International Convergence of Capital Measurement and Capital Standards: a revised framework, nº 107. Basilea. Suiza. Disponible en: http://www.bis.org/publ/bcbs107.htm
- Basel Committee on Banking Supervision (2003). Sound Practices for the Management and Supervision of operational risk. Bank for International Settlements. Disponible en: http://www.bis.org/publ/bcbs96.htm
- Boller, P., Grégoire, C. y Kawano, T. (2016). Operational Risk en IAA Risk Book. International Actuarial Association. Disponible en: http://www.actuaries.org/index.cfm?lang=EN&DSP=PUBLICATIONS&ACT=RISKBOOK
- Comité de Supervisión Bancaria de Basilea (2005). Convergencia Internacional de Medidas y Normas de Capital. Marco Revisado. Disponible en: http://www.bis.org/publ/bcbs107esp.htm
- Committee of European Insurance and Occupational Pensions Supervisors (2009). Advice for Level 2 Implementing Measures on Solvency II: SCR standard formula - Article 111 (f) Operational Risk. CEIOPS-DOC-45/09.
- Cooper, B., Piwcewicz, B. y Warren, N. (2014). Operational risk modeling: how far have we progressed? Actuaries Institute. Financial Services Forum. Sydney
- European Insurance and Occupational Pensions Authority (2014). Guidelines on Own Risk and Solvency Assessment (ORSA). EIOPA-BoS-14/259 EN. Disponible en: https://eiopa.europa.eu/publications/eiopa-guidelines/guidelines-on-own-risk-solvency-assessment-(orsa)
- Oesterreichische Nationalbank (2016). Guidelines on Operational Risk Management. Vienna. Disponible en: https://www.oenb.at
- Pacheco López, D. (2009). Riesgo operacional: Conceptos y mediciones. Superintendencia de Bancos e Instituciones Financieras de Chile. Disponible en: https://www.sbif.cl/sbifweb/internet/archivos/publicacion_8511.pdf
How to Cite
Pérez Fructuoso, M. J., & Gragera Cubero, J. (2018). Analysis and Management of Operational Risk in Financial and Insurance Companies. a Comparative. Revista Ibero-Latinoamericana De Seguros, 27(49). https://doi.org/10.11144/Javeriana.ris49.agro
Section
Sección Técnico-económica