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Mastering Operational Risk, 2nd Edition by John Thirlwell, Tony Blunden

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Preface to the second edition

A few months after the first edition had gone to press the Eyjafjallajökull volcano erupted, causing widespread disruption to air travel, and the Gulf of Mexico oil disaster began. Then a few months after the book appeared, the Japanese earthquake and tsunami caused the Fukushima nuclear disaster. All significant operational risk events and reminders of the scale of the problems which operational risk managers have to face and the scope of operational risk itself.

The events themselves form case studies in this second edition, which has been both updated and revised. The main revisions include raising the difficult issue of operational risk appetite to a chapter in its own right, bringing in thoughts on qualitative ...

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