Management Of Operational Risks In Insurance - Current Situation, Trends And Benchmarks When Dealing With Operational Risks, Part 1

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PREFACE

Globalization as well as technical, political and social changes are resulting in insurance companies being increasingly exposed to greater and more complex risks. Thus, to successfully operate in the market, insurers are being compelled to take considered and controlled risks. Consequently, their need for active risk management is increasing.

Within the framework of active risk management, the subject of "operational risks" (OpRisk) is increasingly growing in relevance for insurance companies. In addition to new value-adding strategies, such as outsourcing/offshoring or the necessity of comprehensive risk management in terms of Enterprise Risk Management (ERM), there are first and foremost regulatory demands (e.g. Solvency II, Swiss Solvency Test and the Sarbanes-Oxley Act), which require to manage this risk category. These legal regulations are at present in the