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1、Chapter5ConclusionsAbookontheAdvancedMeasurementApproach,andespeciallyontheLossDistributionmethod,restsonthefundamentalassumptionthattheapproachcanbeimplementedinameaningfulway.Thisisnotgenerallyaccepted.Forexample,Ong(1998)was,andmaystillbe,convincedthat:“theonlybufferagainstoperationalrisk
2、isnotsomequantifiedmeasurebuteducatedpeoplewhoarecareful,technologicallyaware,informedandcompliantwithinternalpolicies.”We,ontheotherhand,thinkotherwise.Webelievethattherationale“capitalagainstrisk”issound.Sincetheadventofpubliccompanies,shareholders’equityhasbeenseentofulfilexactlythisrole.T
3、hatbeingso,theaccuratequantificationofsuchcapitalisadesirableandusefulmeasure.Wegrantthatitcannotbepurelyscientificallydetermined,duetothevagariesofhumannatureandtheuncertainoutcomesofhumanendeavours.However,withinsuchparameters,theassessmentofriskcapitalmustnonethelessstrivetobecomprehensive
4、,traceable,transparent,sensibleandcommensuratewiththepotentialriskinvolved.Asthefigureisaddedtotheotherriskcapitalfigures,itshouldbeonanequalfootingwiththosemethodologiesandtheirrangesoferror.Wethinkthatwehavearguedsufficientlyforthiscause.WeseetheLossDistributionApproach,andespeciallyitsquanti
5、fication,asconsistingoftwomainparts:firstly,thestatisticalproceduretousethegivendatabestinordertoyieldariskcapitalquantity.ThishasbeendescribedmainlyinChapter3ofthisbook.Butthiswouldonlytakeintoaccountthehistoryasdepictedbythegathereddata.Unfortunately,wecannotassumeatemporalstructuralstabili
6、tyofthebankingindustry.Furthermore,thepaceofnewdatareflectingmanagementandindustrychangesismuchtooslowtoyieldaresponsiveandactualmodel.Regulatorswantthemeasurementtobeintegratedintheday-to-dayriskmanagement.Therefore,asecondpart,pri-marilyconcernedwithadjustmentsanddiscussedinChapter4,comple
7、mentstheLDapproach.Thedefinitionofoperationalriskcontainsfourmainrisksourcesrequiringcoverage,i.e.,processes,people,systemsandexternalevents.Thefirstthreeitemsareincludedinthetraditionalunderstandingofmanage-ment.Thisisthereasonwhywehave–forsomeperhapsatex