Operational risk is the risk of loss, arising from inadequate or failed internal processes, people and systems or from external events. That is the definition of operational risk for regulatory purposes. Operational risk management is usually part of ERM and actuaries are typically not involved in these processes. That is often because of poor data related to rare events and some lack of methodologies. The goal of this web session is to provide actuaries with tools and ideas how to better involve in operational risk management and how to use existing actuarial toolboxes to improve valuation of operational risk.

Organised by the EAA – European Actuarial Academy GmbH.

The web session is intended as an introduction for actuaries and risk managers wishing to learn more about operational risk management. It is designed for those who will be directly involved in operational risk management or interested in this topic in a more general way. The web session presumes only basic actuarial knowledge.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure that you are joining the web session with a stable internet connection.

The web session will cover a broad range of topics in operational risk management that are relevant to actuarial practice. The content of the session follows a similar structure as the AAE paper “Actuaries and Operational Risk Management”.

The language of the web session will be English.

Christoph Krischanitz
Christoph is a Senior Manager with Milliman and is leading the Milliman practice in Austria. He has more than twenty years of experience in actuarial consulting in all relevant fields of businesses. Beside his professional career he served six years as President of the Actuarial Association of Austria and also six years in the Board of the AAE as Chairman of the Investment and Financial Risk Committee (nowadays Risk Management Committee). He is co-Author of many AAE publications, he also co-authored the paper “Actuaries and Operational Risk Management”.