Mitigating Operational Risk in British Retail Banks

Abstract

This paper extends the risk mitigation phase of an established risk management model, using well-established decision-making theories. Hence, a model is proposed of how British retail banks may mitigate operational risks. The results of a case study are presented as a basis for laying out in more detail a framework for mitigation. The paper presents an illustrative example of an operational risk problem (pensions mis-selling), and of how it is being mitigated.