Operational risk lessons from safety-critical industries
The finance industry can learn a lot from safety-critical industries such as aviation. Gunnar Hauland and Sverre Danielsen talk about how operational risk management needs to take a broader perspective, and address the interaction between human, technical and organisational factors
Managing operational risk calls for multiple approaches and methods, including both qualitative and quantitative risk analysis techniques. As well as proactively managing the risks it is necessary to take a system perspective, where the system to be addressed consists of interacting human, technical and organisational factors.
Today, this goes without saying within industries such as aviation. But
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