OPERATIONAL RISK MANAGEMENT IN FINANCIAL SERVICES: A COMPLEX SYSTEMS PERSPECTIVE

摘要

Operational risk management, i.e., management of risk associated with people, systems and processes, has emerged as one of the key competencies in financial services firms. In the present paper, it is proposed that the development of approaches to operational risk management could greatly benefit from leveraging frameworks and models developed by the various human-machine systems communities, particularly those focused on model based analysis and design of complex systems. An example is provided illustrating a contextual control model approach to operational risk management.