Systemic Operational Risk: Does it Exist and, If So, How Do We Regulate It?

摘要: Since the global financial crisis, banking regulators and academics have extended traditional, narrow definition of "systemic risk" to encompass concepts such as "interconnectedness" "shadow banking". But, at time writing, a systemic risk that covers all factors precipitated crisis is still emerging. This paper first describes debate around emerging definition(s) discusses some initiatives address by international regulators. These include microprudential regulations, increasing capital for systemically important banks, macroprudential initiatives, creation European Systemic Risk Board. Recognizing risks arise not only from credit market factors, this views through lens operational risk, arguing key especially people process risks, were pervasive across industry prior and, consequently, must be considered contributor to, in instances trigger for, risk. The goes on describe approach within Basel II regulations identifies present crisis. concludes there indeed dimension should recognized addressed regulators.Finally, makes suggestions how management may banks