Operational Risk Management with Process Control and Business Process Modeling

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Provided by: Northern Illinois University
Topic: Big Data
Format: PDF
The authors propose an approach for the modeling, monitoring and control of operational risk in financial institutions based on a methodology that integrates business process modeling with statistical and engineering process control. Business process management and business process modeling are terms in popular use and are based on the use of electronic workflows as tools to improve processes - often defined as greater efficiencies such as lower costs and shorter cycle times. The same processes can be effective in reducing operational risk exposure when integrated with statistical and Engineering Process Control (EPC).
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