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Modelling the unknown: How to manage your firm's operational risks

Tony Blunden, honorary professor at GCU London, explores how a business approach can be used to model operational risk

19 January 2012

Tony Blunden, honorary professor at GCU London, explores how a business approach can be used to model operational risk

Stuff happens. Some of it is unavoidable. But unavoidable does not mean unmanageable. And that which can be avoided, should be avoided. So, how can operational risk management be linked with good business sense?

Very few firms model the qualitative data produced by an operational risk, so it is important look at why this is and at what qualitative data is required for modelling.

Risk management is of course applicable to all firms in all industries, including the legal sector. Operational risk management is about the risk of loss resulting fr...

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