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Reflections on Operational Risk Management

By Ariane Chapelle


The operational risk discipline is still in its infancy in the financial services industry and that is what makes it fascinating. New methods arise every day and practice is constantly evolving; this bite-size book arms the reader with a variety of topics, analogies, suggestions and ideas to stimulate awareness and understanding of operational risk in the financial industry and beyond.

This book by Ariane Chapelle is a collection of 28 columns and articles, spanning more than five years. From the fundamentals of operational risk frameworks to risk capital, they are regrouped around six themes including risk appetite, key risk indicators, risk reporting and risk culture. Each chapter addresses a hot topic of the time, such as rogue trading, or topics that are still very much discussed today, such as key risks indicators and conduct risk.  More recent issues like the SMA reform and the role of regulatory capital are also explored.

The book is essential reading for op risk managers and anybody with an interest in the field.

Publish date: 30 Jun 2017

Availability: In stock

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Reflections on Operational Risk Management

Book description

In Reflections on Operational Risk Management, industry expert Ariane Chapelle, provides a thorough treatment of the current state of op risk management in finance.  For the first time, 28 of her most important articles are combined and organised so as to guide the reader through the key topics and areas.


Divided into six sections the author examines and offers her thoughts on: The Essentials of Operational Risk and Risk Management Framework, Risk Appetite and Risk Decisions, Key Risk Indicators and Reporting, Culture and Conduct, Scenario Analysis and Tail Risks and Regulation & Capital.


The book is essential reading for op risk managers and anybody with an interest in operational risk management.

Book details

book-9781782723493 / eBook / 9781782723585
Publish date
30 Jun 2017
230mm x 280mm

Author biography

Ariane Chapelle

Ariane Chapelle has over 15 years of experience in the operational risk field and 25 years’ of teaching both academic and professional audiences. Ariane has run her training and consulting company in risk management since 2006. She holds a PhD in Economics, a Master’s in Business Administration and in Statistics, and has acquired professional experience in managerial functions in ING Group and Lloyds Banking Group. Her clients are made up of top-tier financial organisations. Ariane is an Honorary Reader at University College London for a course the title of which is ‘Operational Risk Measurement in the Financial Services’. She is a Fellow of the Institute of Operational Risk and a member of the editorial board of the Journal of Operational Risk. She is a columnist for Risk magazine and advisor to the Risk Management Unit of the International Monetary Fund. The FCA, PRA and the Bank of England have appointed her firm, Chapelle Consulting, in April 2017 on the Skilled Person Panel for Operational Risk. 


Table of contents



About the Author                                                                    

About the Co-Authors                                                              


PART 1: Essentials of Operational Risk and Risk Management Framework                                                              


1    Operational Risk in Four Letters                                             

 Ariane Chapelle

2    An Invisible Framework                                                                 

Ariane Chapelle and Michael Sicsic

3    Small is Beautiful in OpRisk Management                       

Ariane Chapelle

4    The Business Value of ORM                                                     

Ariane Chapelle

5    How to Minimise ‘People Risk’                                                    

Ariane Chapelle


PART 2: Risk Appetite and Risk Decisions                                 

6    The Missing Piece                                                                          

Ariane Chapelle

7    Risk Appetite and Framework                                                     

Ariane Chapelle

8    From Russian Roulette to Overcautious Decision-making   

Ariane Chapelle


PART 3: Key Risk Indicators and Reporting                          

9    The Importance of Preventive KRIs                                         

Ariane Chapelle

10  How to Build Preventive Key Risk Indicators                         

 Ariane Chapelle

11  Unlocking KRIs                                                                       

Ariane Chapelle

12  Six Steps for Preventive KRIs                                                  

Ariane Chapelle

13  Have Your Cake and Eat It                                                             

Ariane Chapelle


PART 4: Culture and Conduct                                                            

14  Conduct, Not ‘Conduct Risk’                                                       

Ariane Chapelle

15  How to Manage Incentives                                                           

Ariane Chapelle

16  Is Reputation Risk Overstated?                                                   

Ariane Chapelle

17  What Regulators Want                                                                   

Ariane Chapelle

18  Conduct & Culture                                                                           

Ariane Chapelle, Jimi Hinchliffe and Mark Laycock

PART 5: Scenario Analysis and Tail Risks                                     

19  Op Risk Takes Forward Steps at OpRisk Europe 2014        

Ariane Chapelle

20  Modern Scenario Analysis                                                           

Ariane Chapelle

21  The Rogue’s Path                                                                            

Ariane Chapelle

22  Rogue Trading No Training: The Connections                      

Ariane Chapelle

23  What Brexit Teaches OpRisk                                                     

Ariane Chapelle

24  OpRisk Survey Shows the Insidious Effects of Political


Ariane Chapelle

PART 6: Operational Risk Capital and Measurement               

25  Discarding the AMA Could Become a Source of OpRisk  

Ariane Chapelle, Bertrand Hassani, Gareth W. Peters, Evan Sekeris and Pavel Shevchenko

26  UCL Research Shows that SMA Reforms Introduces Capital Instability and Discourages Risk Management    

Ariane Chapelle, Bertrand Hassani, Gareth W. Peters and

Pavel Shevchenko

27  Memo to Bank CEOs: Treat OpRisk with More Respect    

Ariane Chapelle and Evan Sekeris

28  Don’t Let the SMA Kill OpRisk Modelling                            

Ariane Chapelle and Evan Sekeris



"This book supplies a comprehensive response to the question of what can be done to improve an operational risk framework, whilst also providing an understanding of various aspects of the framework and shining a powerful light on how firms could avoid nasty surprises when faced with major external events."

Andrew Sheen, England and Wales Chapter, Institute of Operational Risk


“Each article elegantly provides an alternative perspective on an industry issue. Whilst I don’t always agree with Ariane’s views – the articles were thought provoking when I first read them, and now, as a collection, they seem even more prescient & insightful.”


Michael Grimwade, Head of Op Risk, MUFG Securities


“Ariane Chapelle shows what good practice on operational risk is: understanding of current trends, a close look to risk appetite and risk frameworks and a somewhat innovative way to communicate and engage into a discipline that has become of age. Operational risk requires its own language and taxonomy and this book offers many ideas. Highly recommended.”


Cosimo Pacciani, Chief Risk Officer, European Stability Mechanism 





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