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A Weighted Mean Model for Operational Risk Assessment
Company: Journal of Law and Financial Management
Company Url: Click here to open
Year Of Publication: 2013
Month Of Publication: July
Pages: 10-17
Download Count: 4
View Count: 1331
Comment Num: 0
Language: English
Source: article
Who Can Read: Free
Date: 6-19-2013
Publisher: Administrator
Summary
Assessing operational risk, particularly related to internal control, is increasingly important to business firms. This is especially the case for publicly-traded companies that are engaged in multinational operations, which involve additional complexity and risk. In the United States, for example, the Sarbanes-Oxley Act requires public companies to document adequate internal control in their annual report. However, there is no standard or uniformly accepted solution for internal risk analysis. Several complex methods have been introduced in the academic field. These complex methods, while theoretically sound, may be problematic in practice due to the necessity of sufficient historical data. When insufficient data are available for measuring operational risk, most of the models, which are based on probability theory, do not work. As a consequence, in most companies’ annual reports, the internal risk disclosure is still rather ambiguous and intuitive. In this paper, we will present a simple weighted mean model that can be used for internal risk assessment. This weighted mean model offers an approach that is relatively easy to use and
Author(s)
Huang, Yundong Sign in to follow this author
Smith, L. Murphy Sign in to follow this author
Durr, David Sign in to follow this author
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