I’m trying to study for my Business course and I need some help to understand this question.
Identify and briefly describe four recent public examples of Operational Risk events (2017 to 2020).
For each event, include the following:
1. Understand the Environment:
Briefly describe the background, including the normal course of business in the industry for the primary business activity or process involved in the event (e.g. design and test software for autonomous vehicle navigation in automotive manufacturing).
2. Evaluate What Went Wrong:
I. Summarize briefly what did not happen as expected (who, what, when, why, how).
II. Identify the root causes of the operational risk event (as one or more of the following: failed or inadequate a) internal process, b) people, c) systems, or d) external events impact). Explain the rationale for choosing the root cause(s).
III. Categorize the loss events into one or more Basel Level 1 Event Types, based on the Basel detailed event type classification (Please see the attached picture). Explain the rationale for choosing the event type(s).
Maximum length: 2 pages. (Includes citations and references. Concise bullet points may be used. Single to double line spacing as needed.)