Operational Risk Management Essay

50810 Words Aug 12th, 2014 204 Pages
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F M A

G u i d e l i n e s on
Operational Risk Management

These guidelines were prepared by the Oesterreichische Nationalbank in cooperation with the Financial Market Authority

Published by:
Oesterreichische Nationalbank (OeNB) Otto-Wagner-Platz 3, 1090 Vienna, Austria Austrian Financial Market Authority (FMA) Praterstraße 23, 1020 Vienna, Austria

Produced by:
Oesterreichische Nationalbank

Editor in chief:
Günther Thonabauer, Communications Division (OeNB) Barbara Nösslinger, Staff Department for Executive Board Affairs and Public Relations (FMA)

Editorial processings:
Chapter I and III: Roman Buchelt, Stefan Unteregger (OeNB) Chapter II and IV: Wolfgang Fend, Radoslaw Zwizlo, Johannes Lutz (FMA)

Design:
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In part, this risk category has already been studied in internal risk analyses. Depending on the size and complexity of a bank, the response to operational risks may require considerable changes, such as the adaptation of systems and processes as well as, above all, the further development and integration of risk management methods. The present guidelines on “Operational Risk Management” are to support banks in designing and adapting the systems and processes required when they implement Basel II. The issues presented are in line with international developments in banking that focus on a comprehensive approach to, and the optimum handling of, operational risks so that their implementation would make sense even in the absence of new capital requirements. The purpose of these guidelines is to develop a common understanding shared by supervisory authorities and banks with regard to the forthcoming changes in banking. In this context, the Oesterreichische Nationalbank (OeNB) and the Financial Market Authority (FMA) see themselves as partners to Austria’s credit industry. It is our sincere hope that these guidelines provide interesting reading as well as a basis for the efficient discussion of current changes in the Austrian banking sector. Vienna, August 2006

Josef Christl Member

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