In light of changing regulatory requirements and the Basel Committee meeting in October, the Global Association of Risk Professionals (GARP) is offering an operational risk seminar October 18th and 19th in London and October 22nd and 23rd in New York. Dr. Marcelo Cruz, CEO of Risk Maths and Ali Samad-Khan, chairman of OpRisk Analytics will lead the seminars at both locations. Sessions will focus on the current state of operational risk, how to use operational risk data to the full effect, how to apply and align insurance modeling techniques to quantify operational risk as well as discussion on the latest models for operational risk. For more information and to register for the seminar go to the GARP Web site at www.garp.com.
In other operational risk news, new research by TCA Consulting has found that banks are unsure about the definition of operational risk, how to tackle the operational challenges once they are identified and who should take internal ownership of those operational risks. The survey also found that many banks are waiting for the Basel Committee to finish deliberations and issue clear guidelines on operational risk before dealing with the problem. Forty-six percent of survey respondents couldn't confirm that their institution maintained an operational risk loss database while 60 percent of those commenting on the Internet reported that it increased the threat of operational risk.