N. C. Dexter, C. L. Ford, P. C. Jakhria, P. O. J. Kelliher, D. McCall, C. K. Mills, A. C. Probyn, P. A. Raddall, J. Ryan
This paper overviews a practical approach to the assessment of operational risk in life insurance companies. It considers how actuaries, working in conjunction with risk management professionals and senior management, can develop a framework to assess the capital requirements relating to operational risk, taking into account the capital requirements of other risks and their interaction.This paper recognises that we do not live in an ideal world, and that a lot of the data which one might want for operational …
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