Fundamentals of Operational Risk Management

Simon Ashby is very well placed through his long association with the Institute of Operational Risk to write what will prove to be the definitive book on operational risk. He challenges us to expand our understanding of operational risk to encompass 'unpredictable outcomes of the efficiency and effectiveness of operations.' Using a series of compelling case studies, he brings the subject alive. It is sobering to see how many of the selected case studies had underlying cultural drivers. I found the section on risk culture particularly practical in its insights to monitoring and taking action. The approach to operational risk event data establishes the benefits of learning from past events and ensuring recurrence is prevented, which surely is the essence of any robust approach to operational risk. * Alex Hindson, Chief Risk & Sustainability Officer, Argo Group * This is an excellent book, serving as an effective pragmatic tool for risk practitioners working in all three lines across the world, as well as a good guide for the academics in operational risk. * Dominic Wu, Director, Risk Management BCT Group * Simon Ashby presents a very well structured, research-based and informative guide to operational risk management. This excellent book covers every key topic, from embedding risk culture to conducting scenario analysis. A remarkably rewarding source for practitioners. * Elena Pykhova, Director and Founder, The OpRisk Company * It is becoming more and more clear that operational risk models are of limited use, while taking behavioural elements into account in risk culture, governance etc. is of tremendous importance. This book sets absolutely the right focus - and numerous case studies confirm that Simon is not just a seasoned academic, but very familiar with the important details of practical implementation as well. Really worthwhile reading! * Prof. Dr. Thomas Kaiser, Professor Kaiser Risk Management Consulting & Goethe University *