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The Operational Risk Handbook for Financial Companies: A guide to the new world of performance-oriented operational risk by Brian Barnier

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1.4. Seeking Scenarios: Providing More Power to See—the ‘Why’ and ‘What’

Figure 7

“Scenario analysis is pretty straightforward once you understand the bounds of the dynamic system and the risks being taken and what are the operational risks. The scenarios should tell a full story of how risks develop and cascade through a system to impact real operations.”

— Rick Sergel, director and chair of compensation committee of State Street Corporation

When I’m asked, “How do I better see in ‘dark corners’?”, I reply, “What are you doing now?” Too often, the answer I hear is about putting together some sort of risk list. Then I ask: “How well ...

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