14. Operational Risks, Quality, Accidents and Incidents

  1. Ron S. Kenett PhD, BSc Chairman CEO Research Professor Professor Associate Director Editor in Chief President1,2 and
  2. Yossi Raanan PhD, BSc Senior Consultant Strategic Partner Senior Lecturer former dean head chairman director3,4
  1. Ron S. Kenett PhD, BSc Chairman CEO Research Professor Professor Associate Director Editor in Chief President1,2 and
  2. Yossi Raanan PhD, BSc Senior Consultant Strategic Partner Senior Lecturer former dean head chairman director3,4

Published Online: 19 AUG 2010

DOI: 10.1002/9780470972571.ch14

Operational Risk Management

Operational Risk Management

How to Cite

Kenett, R. S. and Raanan, Y. (2010) Operational Risks, Quality, Accidents and Incidents, in Operational Risk Management (eds R. S. Kenett and Y. Raanan), John Wiley & Sons, Ltd, Chichester, UK. doi: 10.1002/9780470972571.ch14

Editor Information

  1. 1

    KPA Ltd, Raanana, Israel; University of Turin, Italy

  2. 2

    NYU-Poly, Center for Risk Engineering, New York, USA

  3. 3

    KPA Ltd, Raanana, Israel

  4. 4

    College of Management, Academic Studies, Rishon Lezion, Israel

Author Information

  1. 1

    KPA Ltd, Raanana, Israel; University of Turin, Italy

  2. 2

    NYU-Poly, Center for Risk Engineering, New York, USA

  3. 3

    KPA Ltd, Raanana, Israel

  4. 4

    College of Management, Academic Studies, Rishon Lezion, Israel

Publication History

  1. Published Online: 19 AUG 2010
  2. Published Print: 22 OCT 2010

ISBN Information

Print ISBN: 9780470747483

Online ISBN: 9780470972571

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Keywords:

  • black swans;
  • operational risks;
  • quality management

Summary

This chapter focuses on the integration of quality and risk as an approach leading to increased insights and knowledge, and thereby better management decisions. To expand on the concepts of risks, accidents and incidents it focuses on an application of operational risk management to the energy sector. Operational risk management (OpR) is a continuously developing area of active research and applications involving a wide range of disciplines. Many practitioners, managers in general and risk managers in particular fully realize that operational risks are a source of significant potential losses and that they should be better understood and better managed. The chapter discusses the convergence of quality management and risk management and the role of ‘black swans’. Both disciplines aim at satisfying various stakeholders’ demands such as compliance, efficiency, sustainability and business continuity by weighing unforeseen events against their possible effect on the ‘bottom line’.

Controlled Vocabulary Terms

quality control tools