Understanding operational risk is fundamental to its effective management. This paper sets out ten laws that govern the behavior of operational risk relating to the occurrence and detection/duration of events; the rapidity with which firms suffer losses; the lags in crystallization of losses; and internal and external drivers of concentration. The paper also considers the transference and conservation of risk; risk homeostasis (ie, control expenditure will respond to increased risk to return firms to within appetite); and the proactive taking of operational risk by firms in order to obtain fee and commission income. These laws are underpinned by event, causal and impact taxonomies. Each of the laws is illustrated through the analysis of loss and financial data for thirty-one current and former global systemically important banks, before and after the global financial crisis. Finally, the paper briefly considers the impacts of these laws on how firms should undertake stress testing and risk and controls self-assessments, and select predictive key risk indicators, and also the extent to which these laws make predictions as to the outcomes of three emerging threats.

中文翻译：

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操作风险十大定律

了解操作风险是其有效管理的基础。本文列出了十项法律来规范与事件的发生和检测/持续时间有关的操作风险行为；公司遭受损失的速度；损失结晶的滞后；以及集中的内部和外部驱动因素。本文还考虑了风险的转移和守恒；风险稳态（即控制支出将对风险增加做出反应，使公司恢复到胃口）；企业主动承担经营风险以获取手续费及佣金收入。这些法律以事件、因果和影响分类法为基础。通过对 31 家当前和以前的全球系统重要性银行的损失和财务数据的分析来说明每条法律，全球金融危机前后。最后，本文简要讨论了这些法律对公司应如何进行压力测试和风险控制自我评估、选择预测性关键风险指标的影响，以及这些法律对三个新兴市场结果的预测程度。威胁。