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Kogan Page

Operational Risk Management in Financial Services: A Practical Guide to Establishing Effective Solutions

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At a glance

Condition
New
Dimensions
6.14 x 1.06 x 9.21 in
Weight
1.53 lb
Publisher
Kogan Page
Publication date
September 24, 2024
Edition
2nd
Language
English

Description

Technology failures, data loss, issues with providers of outsourced services, misconduct and mis-selling are just some of the top risks that the financial industry faces. Operational risk management is, simply, a commercial necessity. The management of operational risk has developed considerably since its early years. Continued regulatory focus and catastrophic industry events have led to operational risk becoming a crucial topic on any senior management team's agenda. This book is a practical guide for practitioners which focuses on how to establish effective solutions, avoid common pitfalls and apply best practice to their organizations. Filled with frameworks, examples and diagrams, this book offers clear advice on key practices including conducting risk assessments, assessing change initiatives and designing key risk indicators. This new edition of Operational Risk Management in Financial Services also features two new chapters reflecting on the future of operational risk management, from cyber risk to GenAI, and guides practitioners in incorporating ESG into their day-to-day strategies. This is the essential guide for professionals looking to derive value out of operational risk management, rather than applying a compliance 'tick box' approach. Read more

Specs 9

Publisher Kogan Page
Publication date September 24, 2024
Edition 2nd
Language English
Print length 464 pages
ISBN-10 1398617148
ISBN-13 48
Item Weight 1.53 pounds

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Top Amazon Reviews

A good reference material.
Format: Paperback
Great book. Very informative. A staple reference for risk practitioners!
Reviewed in the United States on January 1, 2026 by Achard
Excellent Operational Risk Management Resource
Format: Paperback
This is a great resource for operational risk management professionals. Elena Pykhova does a great job educating readers how to establish effective solutions, avoid common roadblocks, and apply best practices to organizations for sound risk environment in an easily understandable format. This is now my go to book for risk management strategies and highly recommend! ... show more
Reviewed in the United States on March 13, 2025 by Jason S.
Highly readable and engaging overview
Format: Paperback
An excellent book on operational risk management in financial institutions and beyond. It has the breadth and depth necessary for new and experienced risk managers alike. Pykhova's journey starts with definitions and taxonomy, moves on to setting up an operational risk framework and its implementation, and then introduces the reader to the three-line model. From there on, it's more about the practicalities of operational risk management: how to do risk and control self-assessments, how to manage change, and how to define, interpret, and escalate risks. Interestingly, Pykhova dedicates a whole chapter to risk culture. What use is a formal risk management framework when it's common practice for "red" risks, or high-risk items, to get downgraded every time they are escalated up the chain? What if organizations live their operational risk management as a risk theatre, where risk management becomes an exercise in deception rather than a meaningful control framework? The chapters on third-party risk management and resilience have been extensively rewritten in this second edition. They now include topics such as the Digital Operational Resilience Act (DORA), the EU's regulation framework aimed at strengthening the financial sector's cybersecurity and operational resilience. Two entirely new chapters on cyber risk and AI risk give a generic overview of these topics. They raise a more fundamental question: Is operational risk as a discipline starting to disintegrate? The new Operational Risk eXchange (ORX) Reference Taxonomy now distinguishes 16 distinct risk sub-categories, replacing the original seven categories defined by the Basel Committee. Given the high complexity, impact, and speed of change in these topics, do generalist risk managers have the knowledge and competence to contribute meaningfully to them? Pykhova argues that generalist skills and the ability to tease out and summarize material risks should be seen as complementary to detailed IT expertise. The key challenge here is to find a common language for meaningful alignment. There should be one single risk taxonomy throughout the organization, as well as one risk management software. Everyone then has to agree on methodologies. This may be more challenging than at first sight. Hard questions will arise, such as: does a qualitative approach to risk management has any use? The real challenge for people and departments will be to stay curious, be willing to question oneself, and collectively strive to acquire a holistic understanding of the discipline. ... show more
Reviewed in the United States on December 8, 2024 by Sir Isaac
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