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RISK MANAGEMENT FOR OPERATIONAL RISKS IN ROMANIAN FINANCIAL SERVICES SECTOR
Abstract
Solvency II and Basel III regulations introduced on the European level brought about certain conditions to be fulfilled by the financial entities that are offering financial services to end users. One of the biggest change due to Solvency II is for the insurance undertakers to be aware of the risks profile of the their clients and of the markets (external risks) but in the same time to evaluate and counteract the negative effects of the operational risks - these are, after 5 years or more of discussions at European level, the most difficult to quantify in terms of impact on the activity of the insurance company, and hence on the quality of service provided to customers. The paper is aiming to analyze the existing framework for one of the operational risks that insurers must acknowledge and prepare for, as January 1 2016 means the implementation of Solvency II. The objective of the paper is to analyze whether or not the Romanian market is prepared from IT point of view to implement Solvency, and whether other national experiences were taken into consideration. Using data mining and questionnaires sent to major insurance undertakers in Romania, the paper will present the results of a survey applied to Romanian insurance market.
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References3
Romanian Financial Supervisory Authority (2015), Annual report on Romanian financial markets, [online], available http://asfromania.ro/files/Rapoarte/Raportul%20ASF%202014-total-final.pdf;
ORX Association (2015), 2014 ORX Report on Operational Risk Loss Data, [online], available https://www.orx.org/pages/ORXData.aspx
KPMG (2014), Operational Risk Management Excellence –Get to Strong Survey Executive Report, [online], available https://www.kpmg.com/US/en/services/Advisory/risk-and-compliance/financial-risk-management/Documents/orm-survey-report.pdf
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