The Operational Risk Managers' Handbook — 2015 EDITION


Risk Management Frameworks and Operational Risk

Provides a robust discussion of best practices for all elements needed for the successful implementation of an effective risk management framework and the management of operational risk. Designed to deliver a deep, practical understanding of operational risk management, risk management frameworks and measurement methodologies in financial institutions, the handbook is written by an all practitioner author team from major financial institutions around the globe.

Published November 2015

Copyrighted Materials — Do not distribute.

Copyright © 2015 by The Professional Risk Managers’ International Association. All rights reserved.

Published by PRMIA Publications, Wilmington, DE

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Publisher. Requests for permission should be addressed to PRMIA Publications, PMB #5527, 2711 Centerville Road, Suite 120, Wilmington, DE, 19808 or via email to [email protected].

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability of fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential or other damages.

ISBN: 978-0-9766097-8-0

Printed in the United States of America

Ⓒ 2020 Professional Risk Managers' International Association (PRMIA). All rights reserved.



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Chapter 1 – Risk Management Frameworks: Foreword

Chapter 2 – Risk Governance

Chapter 3 – The Risk Management Framework

Introduction to Operational Risk and Chapter 4 – Risk Assessment

Chapter 5 – Risk Information

Chapter 6 – Risk Modeling

Chapter 7 – Insurance Mitigation

Ⓒ 2015 Professional Risk Managers' International Association (PRMIA). All rights reserved.

ORM Handbook Digital Resources

The Operational Risk Manager Handbook, 2015 Edition cites supplemental digital resources, which are provided below. The links below will result in navigation outside of

Risk Management Frameworks and Operational Risk, 2015 Edition

Chapter Name Resource
Introduction to Operational Risk Basel Committee on Banking Supervision (BCBS): Principles for the Sound Management of Operational Risk
Introduction to Operational Risk Observed range of practice in key elements of Advanced Measurement Approaches (AMA), July 2009 – BCBS
Introduction to Operational Risk Operational Risk – Supervisory Guidelines for the Advanced Measurement Approaches, June 2011 – BCBS
Introduction to Operational Risk OCC – Interagency Guidance On The Advanced Measurement Approaches For Operational Risk
Introduction to Operational Risk OCC – Risk Management of New, Expanded, or Modified Bank Products and Services
Introduction to Operational Risk OCC - Third Party Relationships
Introduction to Operational Risk Basel Committee on Banking Supervision (BCBS): Principles for Effective Risk Data Aggregation and Risk Reporting


Edited by Jonathan Howitt

  • Jonathan Howitt, HSBC in the Asia Pacific Risk team
  • William Mason, Director General, Guernsey Financial Services Commission
  • Michael Mainelli, FCCA, FCSI, FBCS, Emeritus Professor of Commerce, Gresham College, and Executive Chairman of Z/Yen Group, and Principal Advisor to Long Finance
  • David Coleman, European Head of Credit for Bankers Trust, and Senior Credit Executive, Deutsche Bank
  • Penny Cagan, Ernst and Young
  • Julian Fisher, Executive Director, Crest Rider, Inc.
  • Bahram Mirzai, Managing Partner, EVMTech
  • Mikhail Makarov, Managing Partner, EVMTech

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