Operational Risk - Bridge Between Theory and Practice
PRMIA Toronto Chapter is hosting a discussion on Operational Risk. Recent market events have placed paramount importance on understanding and managing operational risks. Our expert speakers will discuss different approaches and implementation practices for operational risk management, as well as provide an overview of recent regulatory developments in these areas. Attendees will also have the opportunity to network and enjoy light refreshments in a relaxed environment.
Speakers and discussion topics:
Computing OR-risk measures: recent techniques and open problems.
Recent advances in the Loss Distribution Approach. Techniques for the computation of OR-VaR. Modeling cell severity and frequencies. Aggregate losses. Modeling dependencies between cells. Copulas. Asymptotic methods. Extreme Value approach. Combining external and internal data.
Aspects of Advanced Measurement Approach for OR .
Basel II Advanced Measurement Approach for Operational Risk. OEX consortium data. Loss Distribution Approach. Dependencies between units of measures.
Managing Operational Risk – Focusing on What’s Practical.
Despite many advances in tools, techniques and thinking over the past decade or so, operational measurement is still immature and continues to remain an area for research and experimentation. Given this situation, an intensified focus on enhancing the management of operational risk, particularly with regard to unexpected events, is imperative. We will share practical observations on how leading organizations are improving the use and effectiveness of tools to better manage operational risk.
5:00 pm Opening/ registration
5:30 pm – 6:30 pm Speaker presentations
6:30 pm Questions and Answers, Networking
PRMIA members may register at: http://www.prmia.org/events/view_events.php?eventID=4390
Non-PRMIA members may register by becoming members (it’s free and takes 1 minute) or by contacting firstname.lastname@example.org. Click here for membership registration or contact PRMIA's main office at +1-612-605-5370.
PRMIA members will receive a 10% discount when they purchase The Top Ten Operational Risks: A Survival Guide for Investment Management Firms and Hedge Funds, by Holly H. Miller and Philip Lawton from http://stonehouseconsulting.com/OpRisk/PRMIA.html#What.
Written in plain language by two well-known investment management industry veterans, this book contains succinct essays for busy executives and operational managers. Individual chapters focus on complacency, staffing, training, the special attention due internal and external hand-offs, technology, workflows, the segregation of duties in investment management, reconciliation gaps, the importance of knowing the firm’s counterparties and the challenges of effective strategic planning. In each essay, the authors draw upon their practical experience to offer useful advice on lessening the risk of loss due to inadequate internal processes, people and systems or external events.
PRMIA Toronto would like to thank Deloitte for sponsoring this event