Understanding the Operational Risk Consortium’s scenario approach
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, and because regulators around the globe are also paying increasing attention to scenario testing for their regulatory assessments. Well thought-out scenario frameworks
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