Sound scenarios
Mariano Selvaggi describes the issues the Operational Risk Consortium took into account when preparing its report on the use of scenario analysis of operational risk in insurance, and how a sound scenarios framework can benefit firms
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Last February the Operational Risk Consortium (Oric) launched its latest report: Scenario analysis of operational risk in insurance: A guide to sound practices. We decided to embark on this challenging project because scenarios are a key tool used by insurers to manage their operational risk exposure and for Pillar II purposes
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