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BIA-Brukerstyrt innovasjonsarena

Operational Risk Management in the Finance Industry

Tildelt: kr 6,0 mill.

The principal objective is to establish Norwegian research as leading in Europe with respect to education, innovation, development, and application of methods and processes for operational risk management in the financial industry. The project will delive r new knowledge and specific tools for improved management of the operational risk. On credit risk and market risk (interest rate- exchange rate- and securities risk) we have internationally recognised standardisations for modelling and measurement. On o perational risk however, there does not exist a recognised standardised methodology or approach to the modelling and measuring of the risk, not in Norway nor internationally. The concept of operational risk is so new that the finance industry has yet to e stablish a joint terminology. The implementation of the Basel II accord both nationally and internationally on the 01.01.2007 requires that the banks have efficient systems and relevant expertise for managing the operational risk. The banks are required to hold a certain amount of subordinated capital as a buffer against unexpected losses as a result of exposure to operational risk. This means that the banks that are most successful at managing the operational risk gains a competitive advantage and an in creased profitability due to lower costs related to risk. The Basel II accord does not however, equip the finance industry with any procedures, methods or models aimed at managing the operational risk. While the management of operational risk is a new profession and research area within the finance industry, it has long traditions in technological industries. UiS is considered one of the leading research environments on modelling and analysis of operational risk. The Norwegian banks and UiS have joined forces in this KMB project to solve fundamental problems, gain new knowledge and to develop tools and models for the analysis and quantification of operational risk in the financial industry


BIA-Brukerstyrt innovasjonsarena