{"product_id":"managing-operational-risk-in-a-changing-world-hardback-9781394421619","title":"Managing Operational Risk in a Changing World (Hardback) 9781394421619","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eManaging Operational Risk in a Changing World\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003e\u003cp\u003e\"Penny Cagan has written the operational risk book the industry has been waiting for: authoritative, experience-rich, and unflinchingly relevant. Drawing on nearly four decades in the field, she brings a rare combination of clarity, judgment and lived insight to a discipline that is evolving faster than ever. Whether she is unpacking the complexities of RCSA design and execution or setting today’s challenges against the backdrop of pandemics, climate shocks and geopolitical instability, Penny shows practitioners not just what operational risk is, but how to manage it in the real world.\u003c\/p\u003e \u003cp\u003eWhat sets this book apart is Penny’s voice: practical, calm, and deeply informed. She bridges frameworks with reality, data with judgment, and emerging risks with the human behaviors that sit beneath them. My own assessment of this manuscript is simple — there is nothing else on the market that blends technical depth, contemporary relevance, and practitioner wisdom in the way Penny has achieved here.\u003c\/p\u003e \u003cp\u003eFor operational risk professionals, regulators, students, and senior leaders, this is essential reading. Penny has captured the past, present, and future of the discipline in a way that is both accessible and profound. This book will elevate how firms think about risk — and how they prepare for the world that is coming.\"\u003cb\u003e — Lewis O’Sullivan\u003c\/b\u003e, Publishing Consultant; Former Publisher, Risk Books\u003c\/p\u003e \u003cp\u003e“Penny Cagan has been an early pioneer and recognized thought leader in operational risk management. Over four decades, she has made significant contributions in the field of risk management in executive, consulting, and academic roles. With this new book, Penny is once again defining how companies can effectively manage the many facets of operational risk. In the current age of disruption, her wisdom and guidance are more important than ever.” — \u003cb\u003eJames Lam\u003c\/b\u003e, President, James Lam \u0026amp; Associates, Author of \u003ci\u003eEnterprise Risk Management\u003c\/i\u003e and \u003ci\u003eImplementing\u003c\/i\u003e \u003ci\u003eEnterprise Risk Management\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“I’ve been enjoying Penny’s writings on Operational Risk for 20+ years. In this book she provides a refreshingly personal \u0026amp; practical view of Operational Risk management, reflecting her decades of hands-on experience.” — \u003cb\u003eMichael Grimwade, \u003c\/b\u003eManaging Director Operational Risk, ICBC Standard Bank.\u003c\/p\u003e \u003cp\u003e\"The operational risk case studies and lessons you will learn about in this book and the frameworks you will gain to address them have never been more pertinent.  What a valuable time to read this book. If you want to up your measurement and management of operational risk, read this book.\" — \u003cb\u003eTanya Beder\u003c\/b\u003e, Chairman \u0026amp; CEO, SBCC Group Inc.\u003c\/p\u003e \u003cp\u003e\"I have known Penny for many years, and have been delighted to have her as one of our Industry Advisors, engaging with our global COO community. She has a wonderful intellectual inquisitiveness and a considered, thoughtful approach. This has been hugely beneficial to our membership, who have gained valuable insights from Penny’s contributions on many complex subjects. This book provides a very useful insight and is a valuable resource for those seeking to delve deeper into and understand the key challenges within operational risk today.\" — \u003cb\u003eMaurice Evlyn-Bufton\u003c\/b\u003e, CEO, Armstrong-Wolfe\u003c\/p\u003e \u003cp\u003e\"Penny Cagan is a thought leader on operational risk management. She made her first mark in the space over 20 years ago as she transformed and upgraded our fledgling first “external database” of global operational risk events into an indispensable industry-leading risk management tool. Since then, her many corporate operational risk roles and experiences have broaden her perspectives and views on the subject, further confirming her place as a force for continued advancement of the discipline. Now she has gathered those experiences and lessons learned -- both broad and detailed – and penned a formidable new book, which is destined to take its place as a masterclass on the subject.\" — \u003cb\u003eDouglas G. Hoffman\u003c\/b\u003e, Author of \u003ci\u003eManaging Operational Risk\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Penny Cagan has created the Bible in best practices for people managing Operational Risk (OR) in financial institutions. Penny covers both the history of managing OR with a look to the future in evolving approaches to managing OR, as well as the new risks on the horizon, such as AI. Both new entrants and seasoned professionals in the field will find Penny’s insights invaluable.\" —\u003cb\u003eDan Mudge,\u003c\/b\u003e former president Netrisk, fomer head of risk management at Bankers Trust, Managing Director, Promontory\u003c\/p\u003e \u003cp\u003e“In these times of heightened uncertainty throughout the world, this thoughtful book is relevant to readers from students to CEOs who are seeking to manage organizations in a more thoughtful way.\" — \u003cb\u003eCharles A Fishkin\u003c\/b\u003e, Author, board member, adviser, and former risk director at the US Securities and Exchange Commission\u003c\/p\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003ePenny Cagan (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781394421619, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 21 April 2026\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e352 pages\u003cbr\u003e25.6 x 18.5 x 3 cm, 0.68 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003ePractitioner manual to operational risk blending contemporary challenges with case studies \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eManaging Operational Risk in a Changing World\u003c\/i\u003e is both a practitioner's manual and a classroom text that blends nearly 40 years of frontline experience with emerging themes that define today's risk landscape, from climate change and ESG to AI, DE\u0026amp;I, cyber threats, and pandemics. Unlike existing titles that focus on defining operational risk or recounting its history, this book is organized around contemporary challenges, showing how frameworks and methodologies can be applied in practice.  \u003c\/p\u003e \u003cp\u003eThe book contains interviews with industry veterans, from Barings to Silicon Valley Bank, who share their perspective and strategy for managing operational risk. In \u003ci\u003eManaging Operational Risk in a Changing World\u003c\/i\u003e, readers will find insights on: \u003c\/p\u003e \u003cul\u003e \u003cli\u003eRecent regulations focused on managing emerging risks, such as the Digital Operational Resilience Act (DORA) \u003c\/li\u003e \u003cli\u003eFirewalls, intrusion detection systems, and encryption as critical elements in a robust approach to cyber risk management \u003c\/li\u003e \u003cli\u003eData governance and data controls—checking and cleaning up erroneous data, and performing independent reviews \u003c\/li\u003e \u003cli\u003eOperational risks associated with geopolitical events, including people, processes, technology, and external factors \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe operational risk discipline is in flux, with regulators raising expectations and new risks constantly surfacing. \u003ci\u003eManaging Operational Risk in a Changing World\u003c\/i\u003e is required reading for all OpRisk professionals, academics, and students seeking to stay ahead of the curve. \u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003eAcknowledgments\u003c\/b\u003e \u003cb\u003exiii\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction to Operational Risk Book 1\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eOperational Risk at a Crossroads 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eThe History and Importance of Operational Risk 3\u003cbr\u003eThe Definition of Operational Risk 3\u003cbr\u003eThe Impact of the Barings PLC Unauthorized Trading Event 5\u003cbr\u003eThe Introduction of Basel II and Operational Risk Capital Adequacy 5\u003cbr\u003eThe Language of Operational Risk 8\u003cbr\u003eBasel III Endgame 9\u003cbr\u003eSignificant Unauthorized Trading Events 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Operational Risk in the New World Order 19\u003cbr\u003eManaging Through the Great Challenges of Our Time 19\u003cbr\u003eManaging Operational Risks Associated with Geopolitical Events 21\u003cbr\u003eCommunicating Operational Risks 27\u003cbr\u003eInterview with Industry Veteran on Managing Operational Risk and Compliance: Mike Silva 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eBuilding the Team for Today and Tomorrow Across the Lines of Defense 33\u003cbr\u003eManaging Operational Risk Across the Lines of Defense 33\u003cbr\u003eGeneral vs. Specialist Roles 36\u003cbr\u003eThe Composition of Operational Risk Teams 37\u003cbr\u003eInterview with Industry Veteran on First-Line Risk Management: Aarona Chou 38\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eMaking It Real: Developing a Framework for the Real World 43\u003cbr\u003eThe Operational Risk Framework Is Only as Effective as Its Implementation 44\u003cbr\u003eElements of the Framework 46\u003cbr\u003eGovernance 46\u003cbr\u003ePolicies and Procedures 47\u003cbr\u003eRisk Appetite 48\u003cbr\u003eKey Risk Indicators 49\u003cbr\u003eLoss Data 50\u003cbr\u003eRisk and Control Assessment 51\u003cbr\u003eScenario Analysis 52\u003cbr\u003eIssue Management 53\u003cbr\u003eMonitoring and Reporting 54\u003cbr\u003eCulture and Awareness 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Operational risk appetite and Key Risk Indicators 59\u003cbr\u003eDefinitions 60\u003cbr\u003eConsiderations When Managing Risk Appetite 60\u003cbr\u003eRisk Appetite Framework 62\u003cbr\u003eIntegration with Operational Risk Program Components 66\u003cbr\u003eKey Risk Indicators 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eDeveloping and Deploying Risk Assessments 73\u003cbr\u003eRisk and Control Self-Assessment Overview 73\u003cbr\u003eGovernance: Defined Roles and Responsibilities 75\u003cbr\u003eCommunication Plan 78\u003cbr\u003eLeveling Up: Determining Risk Assessment Units 79\u003cbr\u003eThe Perspective: Top Down and Bottom Up 81\u003cbr\u003eTechnology Enablement 84\u003cbr\u003eMethodology: Rating Risks and Controls 86\u003cbr\u003eProcess Mapping 93\u003cbr\u003eThe Trigger-based Approach 94\u003cbr\u003eRemediation 96\u003cbr\u003eReporting on the Results 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eInternal and External Loss Data 103\u003cbr\u003eTypes of Loss Data 105\u003cbr\u003eRoles and Responsibilities 106\u003cbr\u003eFramework and Methodology 107\u003cbr\u003eInternal Loss Data 108\u003cbr\u003eStage 1: Identify 109\u003cbr\u003eStage 2: Assess 113\u003cbr\u003eStage 3: Mitigate 116\u003cbr\u003eStage 4: Monitor 116\u003cbr\u003eStage 5: Report 117\u003cbr\u003eExternal Data 118\u003cbr\u003eCitibank Revlon Bond Case Study 120\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eSetting Up the Guardrails: Operational Risk Governance 123\u003cbr\u003eRisk Culture 124\u003cbr\u003eTraining 127\u003cbr\u003eConduct Risk 127\u003cbr\u003ePolicies and Frameworks 131\u003cbr\u003eGovernance 134\u003cbr\u003eRisk Committees 135\u003cbr\u003eInterview with Industry Veteran: Maureen Day 138\u003cbr\u003eWells Fargo Pays USD $7.57 Billion in Penalties and Redress Over Retail Customer Violations 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eThe Fourth Line: Managing Regulatory Risks 151\u003cbr\u003eThe Regulatory Climate 151\u003cbr\u003eManaging Regulatory Relationships 155\u003cbr\u003eTracking Regulatory Changes 158\u003cbr\u003eRegulatory Expectations 159\u003cbr\u003eThe Four Lines of Defense Model 160\u003cbr\u003eSeeking Help 161\u003cbr\u003eConfidential Supervisory Information 162\u003cbr\u003eInterview with Industry Veteran on Managing Regulatory Risk: Tom Balogh 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eIt Could Happen Here: On Developing Scenarios 169\u003cbr\u003eThe Scenario Program 172\u003cbr\u003eThe Scenario Framework 172\u003cbr\u003eGovernance and Framework 172\u003cbr\u003ePreparation 175\u003cbr\u003eFacilitation 176\u003cbr\u003eScenario Workshop 178\u003cbr\u003eReporting and Alignment 179\u003cbr\u003eScenario Examples 182\u003cbr\u003eInterview with Industry Veteran on the Use of Scenarios: Evan Sekeris 184\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eKnow Your Process: Managing Execution Risks 191\u003cbr\u003eManaging Through the Operational Risk Framework 194\u003cbr\u003eGovernance 195\u003cbr\u003ePolicies and Procedures 195\u003cbr\u003eRisk Appetite and Key Risk Indicators 196\u003cbr\u003eLoss Data, Incidents, Escalations, and Issue Management 198\u003cbr\u003eRisk and Control Assessment 199\u003cbr\u003eScenario Analysis 202\u003cbr\u003eMonitoring and Reporting 204\u003cbr\u003eCulture and Awareness 204\u003cbr\u003ePayments 205\u003cbr\u003eBoeing Case Study 206\u003cbr\u003eCitigroup Fat Finger Case Study Courtesy of IBM 209\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Change, and Product and Service Risk 215\u003cbr\u003eChange Management 215\u003cbr\u003eLifecycle 218\u003cbr\u003eChange Initiative Risk Assessment 221\u003cbr\u003eRoles and Responsibilities 223\u003cbr\u003eWaterfall vs. Agile 223\u003cbr\u003eSuccess Criteria 224\u003cbr\u003eProducts and Services Change Initiatives 225\u003cbr\u003eU.S. Regulatory Guidance 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Data Risk, AI, and Machine Learning 235\u003cbr\u003eData Risk Management Framework 237\u003cbr\u003eGovernance and Policies and Procedures 240\u003cbr\u003eRisk Appetite and Key Risk Indicators 241\u003cbr\u003eLoss Data 242\u003cbr\u003eRisk and Control Assessments and Maturity Assessment 243\u003cbr\u003eScenario Analysis 244\u003cbr\u003eMonitoring and Reporting 246\u003cbr\u003eCultural Awareness 246\u003cbr\u003eAI and Machine Learning 246\u003cbr\u003eData Is Foundational to AI and Machine Learning 248\u003cbr\u003eAI-Specific Operational Risks 249\u003cbr\u003eUsing AI to Manage Risk 250\u003cbr\u003eInterview with Industry Veteran on Data and Machine Learning: Jae Kang 252\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Cyber Risk 257\u003cbr\u003eA Tale of Two Attacks 258\u003cbr\u003eCyber Frameworks 259\u003cbr\u003eAligning NIST to an Operational Risk Framework 267\u003cbr\u003eStrong Cyber Practices 270\u003cbr\u003eInterview with Industry Veteran: Alicja Cade 271\u003cbr\u003eUnited Healthcare Case Study Courtesy of IBM 276\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Third-Party Risk 281\u003cbr\u003eThird-Party Risk Management Framework 282\u003cbr\u003ePlanning (Including Governance) 283\u003cbr\u003eDue Diligence and Third-Party Selection 286\u003cbr\u003eContract Negotiation 288\u003cbr\u003eOngoing Monitoring 289\u003cbr\u003eTermination 290\u003cbr\u003eInterview with Industry Veteran: Jeannie Pumphrey 293\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003eManaging Fraud 297\u003cbr\u003eManaging Internal and External Fraud 298\u003cbr\u003eFraud Risk Management Frameworks 301\u003cbr\u003eJPMorgan London Whale Case from O.R.X: An Example of internal Fraud 308\u003cbr\u003eGarda World Robbery Case Study from ORX. Example of an External Fraud 312\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManaging Business Resilience  317\u003cbr\u003eResilence Framework  319\u003cbr\u003eManaging Claimate Risk  326\u003cbr\u003e\u003cbr\u003e\u003cb\u003eIndex\u003c\/b\u003e   \u003cb\u003e331\u003c\/b\u003e\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Business \u0026amp; management [\u003ca title=\"See our other books on Business \u0026amp; management\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Business%20\u0026amp;%20management%20%5BKJ%5D%22\"\u003eKJ\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52458342809880,"sku":"9781394421619","price":40.89,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781394421619.jpg?v=1785371264","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/managing-operational-risk-in-a-changing-world-hardback-9781394421619","provider":"Freshly Printed Books","version":"1.0","type":"link"}