KRIs: the op risk early warning system
MEASUREMENT KRIS
The idea that small things can be used to monitor the chance of a big thing happening is simple and appealing, but banks have been slow to take it seriously. In other industries, notably chemicals and energy and power, risk managers have been using relatively common events such as leakages and broken valves for years to help them model the risk of rarer and more severe events like explosions and toxic emissions.
Until recently, banks ignored this. But now, having given these small things the
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