Abstract
The management of operational risk is not a new idea, neither is it an activity that firms have not indulged in. On the contrary, firms have always striven to manage the risk of fire through insurance and fire safety measures. Furthermore, they have always had specialists who managed other kinds of operational risk, such as the lawyers and other legal specialists who are involved in managing legal risk and the structural engineers who look after buildings and structures. This is typically done both proactively (for example, by providing advice to management prior to signing a contract and by maintaining buildings) and reactively (by providing legal representation in a court of law, representing the firm in out-of-court settlements of disputes, and doing repair work on damaged structures).
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© 2007 Imad A. Moosa
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Moosa, I.A. (2007). The Management of Operational Risk. In: Operational Risk Management. Finance and Capital Markets Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230591486_8
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DOI: https://doi.org/10.1057/9780230591486_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-35295-1
Online ISBN: 978-0-230-59148-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)