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Coming to Terms with Operational Risk

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Abstract

The term ?operational risk? often evokes images of catastrophic events like hurricanes and earthquakes. For financial institutions, however, operational risk has a broader scope, encompassing losses related to fraud, rogue trading, product misrepresentation, computer and system failures, and cyberattacks, among other things. In this blog post, we discuss how operational risk has come into greater focus over the past two decades?to the point that it now accounts for more than a quarter of financial institutions? regulatory capital.

Suggested Citation

  • Gara Afonso & Filippo Curti & Atanas Mihov, 2019. "Coming to Terms with Operational Risk," Liberty Street Economics 20190107, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87301
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    File URL: https://libertystreeteconomics.newyorkfed.org/2019/01/coming-to-terms-with-operational-risk.html
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    Cited by:

    1. Filippo Curti & W. Scott Frame & Atanas Mihov, 2022. "Are the Largest Banking Organizations Operationally More Risky?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(5), pages 1223-1259, August.
    2. Berger, Allen N. & Curti, Filippo & Mihov, Atanas & Sedunov, John, 2022. "Operational Risk is More Systemic than You Think: Evidence from U.S. Bank Holding Companies," Journal of Banking & Finance, Elsevier, vol. 143(C).
    3. W. Scott Frame & Ping McLemore & Atanas Mihov, 2020. "Haste Makes Waste: Banking Organization Growth and Operational Risk," Working Papers 2023, Federal Reserve Bank of Dallas.

    More about this item

    Keywords

    Operational risk;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

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