Risk management is of vital importance in Islam and Takāful provides a way to manage risks in business according to Sharī’ah principles. This research paper attempts to identify various types of risks involved in Takāful business that affect operational and investment functions of Takāful...

Business and risk have always been considered complementary concepts. Many companies are successful because of their ability to correctly recognize and to direct successfully all the risks resulting from the activities developed. Thus, we may say without being wrong, that risk represents an...

Copulas are a general tool to construct multivariate distributions and to investigate dependence structure between random variables. However, the concept of copula is not popular in Finance. In this paper, we show that copulas can be extensively used to solve many financial problems.

In this research, based on the guidelines of the Basel agreements and its relationships with the health sector according to the respective resolutions of the Ministry of Social Protection of Colombia, the operational risk in the social security in Colombia is quantified in the context of...

Qualitative techniques are essential tools for identifying and assessing operational risk (OR). Their relevance in assessing OR can be understood due to the lack of a quantitative static model capable of capturing the dynamic operational risk profile which is shaped by managerial decisions. An...

In December 2008, as the nancial and economic crisis continued on its devastating course, a new scandal erupted. After the 1998's failure of Long-Term Capital Management, Madoff's fraud once again discredits the hedge funds industry. This scandal is however of a dierent kind. Indeed, Madoff's rm...

This paper explores the difficulties involved in quantitative measurement of operational risk and proposes simulation methods as a practical solution to obtain the distribution of total losses. It also introduces an example of the estimation of expected and unexpected losses, as well as...

Banking-financial institutions are organizations which might be included in the category of complex systems. Consequently, they can be applied after adaptation and particularization, in the general description and assessment methods of the technical or organizational systems. The...

Banking-financial institutions are organizations which might be included in the category of complex systems. Consequently, they can be applied after adaptation and particularization, in the general description and assessment methods of the technical or organizational systems. The...

A survey of the information systems for the control, measurement and mitigation of operational risk (OR) was carried out, with a representative sample of banks of the argentine financial system. The survey was structured in three sections: i. organizacional structure and resources for the...