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Operational Risk Management: Organizational and Governance Issues

In: Operational Risk Management in Banks

Author

Listed:
  • Giuliana Birindelli

    (“G. d’Annunzio” University of Chieti-Pescara)

  • Paola Ferretti

    (University of Pisa)

Abstract

The centrality of the link between operational risk management and governanceGovernance is underlined by the several cases of financial collapsesFinancial collapse (scandal) , in which losses are mainly connected with supervisory and operational failure on behalf of the top managementTop management . Likewise, a sound operational risk managementOperational risk management (ORM) requires a focus on the organizational structureOrganizational structure , in response to the need of combining measurement systemsSystem with efficient and adequate control units for managing operational riskOperational risk (OR) . In this chapter we analyse the organizational and governance issues related to the measurement and control of operational risk, focusing on the key functions involved (e.g. committee, OR functions), on the interrelationship between the OR function and other functions (internal audit and compliance) as well as on the role of reporting and information technology.

Suggested Citation

  • Giuliana Birindelli & Paola Ferretti, 2017. "Operational Risk Management: Organizational and Governance Issues," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Operational Risk Management in Banks, chapter 0, pages 67-110, Palgrave Macmillan.
  • Handle: RePEc:pal:pmschp:978-1-137-59452-5_4
    DOI: 10.1057/978-1-137-59452-5_4
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