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Operational Risk Research
Operational Risk Red Flags: Lessons Learned from Ten Hedge Fund Blow-ups
Penny Cagan, April 2008
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 Tale of the Rogue Trader
Arming the Corporate Everyman
An unusual discussion of how to achieve cultural change by listening to the voices of senior employees. This article has become a 'cult favorite' within the risk management community.
Seizing the Tail of the Dragon
Amidst a great debate over how to quantify capital for operational risk, this edition of 'OR' presents an overview of the alternatives and key considerations in selecting an approach for both internal economic and regulatory capital.
Capital Market Solutions for Operational Risk: Does a Credit Derivatives Model Make Sense?
An 'early-market' examination of the credit derivatives sector and structure and its applicabilitiy to the future development of an operational risk financial instrument.
What Can Loss Database Do For You?
A discussion of the role loss data plays in the management of operational risk and its relevance to certain requirements found in the Basel II consultative papers.
The Benefits of Sharing
Collaboration among financial institutions can improve risk transparency as well as reduce system risk. Other industries like semiconductors provide strong examples of successful industry-wide consortia.
Defining Operational Risk
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Featured Case Study
An External Perspective
Prudential adds an external loss database to its framework of managing operational risk.