
40 Operational Risk Control
A crucial question is how to identify and measure qualitative factors in operational
risk. My answer is the use of the Delphi method,
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which I have found to be the best
approach in operational risk identification, and in the definition of valid control
solutions. Delphi is based on systematic pooling of expert opinion. The rules are:
䊏 Select a sample of knowledgeable and independent-minded people.
䊏 Create the proper conditions under which they can perform, then let them rate an
issue.
䊏 Use considerable caution in deriving from their opinion both diversity in thinking
and a convergent position.
Delphi is typically conducted ...