Worth the risk

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<title>Worth the risk</title>
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<abstract displayLabel="Summary">The broad nature of operational risk, as well as the lack of data available, means that operational risk modelling is an area of specific challenge for many firms. Given the lack of data, firms have resorted to modelling operational risk using a frequency severity model, relying on a scenario workshop process to set the underlying parameters based on expert judgment. However, in a world where we are constantly facing changes and significant external factors that are out of our control, is the current process sufficient for determining a firm's operational risk? Based on an insurance industry operational risk survey carried out in 2019, a third of firms had received regulatory feedback with respect to their operational risk models during the previous 12 months, and two-thirds were planning to make improvements to their operational risk models.</abstract>
<note type="statement of responsibility">Nicole Pang </note>
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<topic>Riesgos operativos</topic>
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<topic>Modelos actuariales</topic>
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<topic>Cálculo actuarial</topic>
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<topic>Matemática del seguro</topic>
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<topic>Gerencia de riesgos</topic>
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<title>The Actuary : the magazine of the Institute & Faculty of Actuaries</title>
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<publisher>London :  Redactive Publishing, 2019-</publisher>
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<text>01/09/2020 Número 8 - septiembre 2020 , p. 34-35</text>
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