University of Haifa - Statistics Seminar

Total Quality Management and Operational Risk in Financial Services

Mike Pinedo, New York University

January 1, 2009

In this talk we first discuss the history and the importance of quality control and operational risk in finance. We go over the theoretical models and the practical applications of Total Quality Management and the management of Operational Risk in finance. We focus on the statistical techniques, VaR techniques, extreme value theory as well as on the probabilistic models and their use in practice. We conclude with a discussion of the implications of the reports by the Basel II committee.

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