OPERATIONAL RISK MANAGEMENT APPROACHES WITHIN AN INVESTMENT FUND. SIF MOLDOVA CASE STUDY

Abstract

Operational risk management consists in the identification and measurement, as complete as possible, of these risks, so that the company to be able to establish appropriate measures to avoid, reduce, transfer or accept, consciously, the risk. The main goal is prevention. Operational risk management is a complex process which involves their identification, assessment, monitoring and management. Starting from the European legislation, SIF Moldova has developed and adapted its own operational risk management system, targeting mainly its identification and evaluation, the analysis of activities vulnerable to operational risk, the establishment of the potential risks for each type of activity, the limitation of the operational risk caused by improper data processing, the implementation of internal regulations on the prevention and discovery of facts that can generate losses. To ensure an adequate quality of operational risk management and of the activities related to their control as well as for maintaining an appropriate level of accuracy on information provided to the supervisory authority (ASF), it is essential that the investment fund to build a stable and viable database, containing information relating to extended periods, and to ensure continued maintenance of this database.