Rafael Cavestany and Brenda Boultwood

The second edition of this book was being written as the world was hit by a pandemic disease that severely struck society and the global economy in a way that will possibly change how we live forever. The pandemic found even the most advanced societies highly unprepared despite the long-time warnings by the World Heath Organisation (WHO) and world leaders such as Bill Gates. Even pre-pandemic, regulators were developing new guidance for financial organisations to define plausible responses to severe impact scenarios for operational disruptions of critical business processes.

In fact, the first edition of this book was written in 2015 while the world economy was still recovering from the largest economic crisis since the Great Depression. Many of the causes of the 2008 crisis can be traced to consecutive operational failures (Robertson, 2011), including mortgage fraud, model errors, negligent underwriting standards and failed due diligence combined with loosely implemented innovation trends in finance. Mortgage originators, mortgage bundlers, credit rating agencies, asset managers, investors and, ultimately, regulatory agencies were responsible for many of these operational

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