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Operational Risk (FRM Part 1 2023 – Book 4 – Chapter 7)

For FRM (Part I & Part II) video lessons, study notes, question banks, mock exams, and formula sheets covering all chapters of the FRM syllabus, click on the following link: https://analystprep.com/shop/unlimite... AnalystPrep is a GARP-Approved Exam Preparation Provider for FRM Exams After completing this reading, you should be able to: - Compare three approaches for calculating regulatory capital. - Describe the Basel Committee’s seven categories of operational risk. - Derive a loss distribution from the loss frequency distribution and loss severity distribution using Monte Carlo simulations. - Describe the common data issues that can introduce inaccuracies and biases in the estimation of loss frequency and severity distributions. - Describe how to use scenario analysis in instances when data is scarce. - Describe how to identify causal relationships and how to use Risk and Control Self-Assessment (RCSA) and Key Risk Indicators (KRIs) to measure and manage operational risks. - Describe the allocation of operational risk capital to business units. - Explain how to use the power law to measure operational risk. - Explain the risks of moral hazard and adverse selection when using insurance to mitigate operational risks.