The role of operational risk in the risk management function

Davcev, Ljupco and Paceskoski, Vlatko and Bezovski, Zlatko (2012) The role of operational risk in the risk management function. Conference Proceedings-1st International Conference South-East European Countries towards European Integration 20th October 2012 Elbasan, Albania. pp. 419-424.

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The purpose of this paper is to discuss the different types of risk and general approaches to analyze risk in a company, and to describe the importance of implementing a formal risk management policy in a company. Business risks are diversifiable and specific to the industry and the market in which a firm operates. Part of the business risks is operational risk which incorporates the direct or indirect loss resulting from inadequate or failed internal process, people and systems or form external events. The paper explains the components of operational risk and situation of his appearance, as well as the steps for creating risk management policy.

Item Type: Article
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Zlatko Bezovski
Date Deposited: 30 Nov 2012 15:03
Last Modified: 30 Nov 2012 15:03

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