of the discussion Mr G. L. Overton, F.I.A. (introducing the paper): Figure 3.3.1 sets out the evolution of operational risk practices. Operational risk is moving from the traditional, which is not worrying about operational risk too much and just assuming that it is implicit in everything else that the business does, to a fully integrated approach, whereby operational risk feeds into capital and performance metrics. We think that the insurance industry is spread broadly around the awareness phase, which is on…
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