Understanding the hidden risk of Solvency II

The hidden risk

iceberg

Operational risk has always been the most elusive of risks. Insurers know what insurance risk is - it is the bread and butter of their business. They have become more sophisticated in their understanding of market risk and, following in the footsteps of their banking colleagues, credit risk. Op risk, meanwhile, has been less clearly defined. On the one hand, companies maintain they have always managed the risks of their operations - they wouldn't still be in business if they hadn't, they say

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