Q&A: Aviva on op risk management, modelling, and conduct
The head of operational risk at the insurance company and chairman of Operational Risk Consortium (Oric) advocates moving away from a historical focus on worst-case scenarios and analysing instead a range of possible outcomes, alongside an emphasis on quantifying exposure to risks
When Michael Sicsic became Aviva’s group operational risk director in 2012, he set about instilling across his team both quantitative and qualitative methods and was keen to learn from banks’ experience with modelling operational risk.
This should put Aviva in good stead ahead of the implementation in 2016 of the Solvency II directive, which guides European Union insurers on how to manage their
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