Introduction to Operational Risk and Resilience (FRM Part 2 2023 – Book 3 – Chapter 1)

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After completing this reading you should be able to:
Describe an operational risk management framework and assess the types of risks that can fall within the scope of such a framework.
Describe the seven Basel II event risk categories and identify examples of operational risk events in each category.
Explain characteristics of operational risk exposures and operational loss events, and challenges that can arise in managing operational risk due to these characteristics.
Describe operational Resilience, identify the elements of an operational resilience framework, and summarize regulatory expectations for operational Resilience.