OPERATIONAL RISK TRANSFER ACROSS FINANCIAL SECTORS

The Joint Forum of banking, securities, and insurance supervisors has been engaged in an effort to better understand risk management practices cross all three sectors. The purpose of this paper is to foster dialogue amongst financial firms and supervisors around issues related to the transfer of operational risk across financial sectors, both within a financial conglomerate and to third parties.

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Year of publication:	2003-08-01
Institutions:	Basel Committee on Banking Supervision ; International Organization of Securities Commissions ; International Association of Insurance Supervisors
Publisher:	International Association of Insurance Supervisors
Subject:	Risikomanagement \| risk management \| Risikotransfer

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Executive Summary
Part 1: Introduction
Trends in Operational Risk Management and Regulatory Capital
Operational Risk Transfer
Part 2: Current and Emerging Industry Practices
Definition and Scope of Operational Risk
Loss Event Types
Insurable Risks in Property and Casualty Insurance
Factors Driving Operational Risk Transfer
Operational Risk Transfer Instruments
Part 3: Factors in Assessing the Effectiveness of Risk Transfer
Protection Buyers Perspective
Counterparty Credit Risk
Liquidity Risk
Legal Risk
Basis Risk
Duration of Coverage
Cancellability
Transfer to Affiliated Parties
Protection Sellers Perspective
Operational Risk Assessment
Correlation of Risks
Effectiveness of Risk Transfer (Credit Risk)
Risk Concentrations
Moral Hazard Example
Part 4: Supervisory Issues
Ability of Protection Buyers Management
Ability of Protection Sellers Management
Capital Arbitrage
Risk Concentrations
Intra-Group Risk Transfer
Reinsurance
Transparency
Part 5: Conclusion

Persistent link: https://www.econbiz.de/10005847876