Completed notes of the course

Pagina 1

1 Index 1. Course introduction ................................................................................................................. 4 1.1 What is risk? .................................................................................................................................... 4 Risk vs. uncertainty ................................................................................................................................................... 4 Aleatory vs Epistemic uncertainty ............................................................................................................................. 5 1.2 Managing uncertainties in Operations ............................................................................................. 5 Operational risks in buffered operations (old view) ................................................................................................. 5 Operations Risk Management (ORM) approach (new view) ..................................................................................... 6 2. Operational Risk concept, models, and management processes ............................................... 7 2.1 Common classification of Operational Risks BY NATURE .................................................................. 8 2.2 The Lewis’ model of operational risk ............................................................................................... 8 2.3 The anatomy of Operations Risk ...................................................................................................... 9 2.4 Bow tie model: an Event-based risk modelling .............................................................................. 10 2.5 Comprehensive Operational Risk model…