Abstract
Operational Risk Analysis and Evaluation The article reviews the key steps in managing operational risks. We present the main types of operational risks and argue on their distinction from other common types of economic risks. We further review a general model for risk management, as well as good organizational practices on how to approach the process. Following a detailed literature review, we derive four novel trends in this area of research: intensified attention to particular industries and use cases, clearer focus on information technology, introduction of new statistical and machine learning algorithms, and transition towards a more integrated and holistic appreciation of the overall risk exposure. Those results may serve as a useful starting point for further research, as well as a guide for practical implementations.
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