A review of operational risk in banks and its role in the financial crisis

Erika De Jongh · Riaan de Jongh · Dawie De Jongh · Gary Wayne Van Vuuren

34 citations0/0 files storedSouth African Journal of Economic and Management Sciences

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Risk Management in Financial Firms Banking stability, regulation, efficiency finance, banking, and market dynamics

Abstract

The role of operational risk in the 2007/2008 financial crisis is explored. The factors that gave rise to the crisis are examined and it is found that although the event is largely regarded as a credit crisis, operational risk factors played a significant role in fuelling its duration and severity. It is concluded that, from an operational risk perspective, 2008 was the worst on record. Considering the extensive role of operational risk in global financial calamities, suggestions are made to improve the management of this risk type.

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References

2009This Time Is Different 2005Quantitative Risk Management: Concepts, Techniques, and Tools 2006Quantitative Risk Management: Concepts, Techniques, and Tools 2010This time is different: eight centuries of financial folly 2009Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'2009The corporate governance lessons from the financial crisis 2013Risk Management Principles and Guidelines 2010This time is different: eight centuries of financial folly

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