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The Management of Operational Risk Specific to Non-banking Financial Institutions in the Context of Actual Financial Crisis


  • Nicolae DARDAC

    (Bucharest Academy of Economic Studies)

  • Petronel CHIRIAC

    (Bucharest Academy of Economic Studies)


The current financial crisis is not a singular event in the history of crisis episodes. The essential difference between past episodes of financial turmoil and the actual crisis is the unprecedented severity, the pace of contagion and its global size. Financial markets have been seriously disturbed, threatening the robustness of financial institutions and their ability to meet current needs to properly manage the risk. One such risk is operational risk, which has become an important source of loss not only for credit institutions but, especially, for non-banking financial institutions (NFI). In this context, the main purpose of this study is to present the best techniques and methods of managing this risk, less addressed problem in the literature from our country.

Suggested Citation

  • Nicolae DARDAC & Petronel CHIRIAC, 2010. "The Management of Operational Risk Specific to Non-banking Financial Institutions in the Context of Actual Financial Crisis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 4(4(545)), pages 93-100, April.
  • Handle: RePEc:agr:journl:v:4(545):y:2010:i:4(545):p:93-100

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    References listed on IDEAS

    1. Lipton, Michael & Ravallion, Martin, 1995. "Poverty and policy," Handbook of Development Economics,in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 41, pages 2551-2657 Elsevier.
    2. Durbin, J, 1970. "Testing for Serial Correlation in Least-Squares Regression When Some of the Regressors are Lagged Dependent Variables," Econometrica, Econometric Society, vol. 38(3), pages 410-421, May.
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