Welcome to The Journal of Operational Risk website. The Journal is an international refereed journal focusing on the modeling, measurement and management of operational risk and the promotion of greater understanding in the area of operational risk theory and practice.
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Letter from the Editor-in-Chief
Welcome to the fourth issue of the fourth volume of The Journal of Operational Risk.
Once again I thank our collaborators for all their hard work in 2009 and send my best
wishes for the holiday season.
It finally looks like we are getting out of the worst economic crisis since the Great
Depression of the 1930s. This crisis was the biggest test that our profession has ever
faced as it happened at a point in time when we were more established than ever
before (at least for market and credit risks). Nonetheless, we still failed to prevent
the disaster and save many large institutions from collapsing. We are already seeing
substantial changes in risk management as a byproduct of the crisis. As examples
of these changes we now see many insurance companies hiring chief risk officers
and putting a lot of emphasis on operational risk; operational risk officers are feeling
that they have growing clout inside their organizations; and almost all institutions
are taking a closer look at their risk governance. If anything, the responses of boards
and senior executive management to the crisis have been to rethink the importance
of their risk management frameworks within their company strategies. This upgrade
is here to stay and will give us lots of work to do in the next few years.
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Welcome to www.journalofoperationalrisk.com
