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Operational Risk Research
The Lessons Learned from Hedge Fund Frauds, Losses, and Mishaps
Penny Cagan, October 2009
The RMA Journal. November 2009. Reproduced with permission.
This paper examines the need for due diligence and best practices on the buy side following the Madoff fraud.
Managing Operational Risk Through the Credit Crisis
In order to understand the present financial crisis, this paper examines operational risk events in the United States and globally, and presents lessons learned for growth markets.
What Lies Beneath
Operational risk wasn't always acknowledged or understood as the lending industry pursued yield and growth with abandon. This article considers contributing factors and lessons learned from the subprime crisis.
Operational Risk Red Flags: Lessons Learned from Ten Hedge Fund Blow-ups
This paper examines the lessons learned and ten specific 'red flags' that can be extracted from a case study analysis of recent hedge fund blow-ups, with emphasis on the Amaranth Advisors loss event.
The Determinants of Operational Losses
Through a study of 24 years of public operational loss data, this paper considers how the firm-specific environment is a key determining factor of operational risk in U.S. financial institutions.
'The Past is Prologue: Lessons From the Stock Parking Events of the 1980s' By Penny Cagan
A discussion on how to examine past frauds and apply their lessons learned to present day events.
The Disclosure Debate
Discussion concerning the effectiveness of new hedge fund filing regulations and if they could have prevented the Bayou Fund fraud.
On Finding Linkages Between Corporate Governance and Operational Risk
A study of the linkages between corporate governance and operational risk.
Ten Myths about Operational Risk Databases
An overview of the characteristics of external loss events and how they can be used and misused as content for operational risk initiatives.
Implications of Alternative Operational Risk Modeling Techniques
This paper examines the empirical regularities in operational loss data, using loss data from six large internationally active banking institutions.
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