Risk Books The Fundamentals of Operational Risk for Insurers

The Fundamentals of Operational Risk for Insurers provides readers with practical approaches in how to better understand risk and control frameworks that are not based on a ‘one size fits all’ model but instead focus on the relevant tools and processes and how these can be better designed for each organisation according to its size, scale of complexity, and the regulatory landscape. The book is written by two experienced professionals, Cathy Hampson (Managing Director of GMG Europe and author of An Introduction to Behavioural Risk) and Gustavo A. Ortega (Director, Head of Corporate Operational Risk Management, American International Group, Inc.), who provide in-depth background and real-life examples in order to fully illustrate the challenges, rewards and solutions for managing operational risk. Chapters cover: The Last Decade in Financial Markets The Business Case for Insurers to Adopt Operational Risk Management Insurance: Products, Services and Business Operations Scenario Analysis, Stress Testing and Internal Capital Modelling Insurers' Operational Risk Governance and Framework The Regulatory Landscape Reputation and Conduct Risk About the Author Cathy Hampson and Gus Ortega Cathy Hampson Cathy Hampson is a management consultant, currently engaged in using Robotic Process Automation (RPA) in the field of financial services regulatory compliance. She regularly lectures and trains groups on a variety of business topics, including organisational behaviour, and has over 30 years of experience in financial services: investment banking, asset management, and insurance. Hampson has designed, project-managed and implemented Compliance and Risk Departments and systems in companies such as AIG, Morgan Stanley, Barclays Global Investors, Chase Manhattan, Mars and the London Stock Exchange. Gustavo A. Ortega Gus Ortega is a risk executive, currently in charge of the strategic planning, implementation and maintenance of AIG s operational risk-management framework. In his current role and through partnership with second-line risk leaders and other control functions, Ortega is responsible for ensuring the adequate implementation of the ORM framework by providing function-specific expertise in order to execute effective oversight for risk identification, assessment, prioritisation, monitoring and mitigation processes. He is an active advocate for risk management and highly regarded in the financial-services industry through presentations at specialised risk conferences and known established financial institutions such as the World Bank in Washington, DC, Federal Reserve Bank of New York and the Central Bank of Brazil. He has more than 15 years experience in financial services: investment banking, wealth management and insurance. Ortega has worked in different capacities across all lines of defence, including fixed-income trading, enterprise risk management and internal auditing for large multinational financial institutions such as AIG, UBS Investment Bank, Morgan Stanley, Dresdner Bank and Lehman Brothers.