Operational risk assessment with Bayesian beliefs networks – successful application in other industries. New approaches that could fit Solvency 2

Operational risk appears to be a sword of Damocles in the world of insurance. Despite the advanced studies that have been carried out in the field, regardless of whether the company is using an internal model or a standard model, no solution proved to be suitable for the whole industry at the European level prior to the full implementation of Solvency 2 (i.e. January 1, 2016). This paper aims to cover specific aspects of managing operational risk developed in other industries (where operational risks have sometimes lethal consequences, compared to only financial consequences in insurance) that could be envisaged for an effective and efficient outcome.