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Theoretical and Applied Economics
No. 4 / 2010 (545)

The Management of Operational Risk Specific to Non-banking Financial Institutions in the Context of Actual Financial Crisis

Nicolae DARDAC
Petronel CHIRIAC
Bucharest Academy of Economic Studies

Abstract. The current financial crisis is not a singular event in the history of crisis episodes. The essential difference between past episodes of financial turmoil and the actual crisis is the unprecedented severity, the pace of contagion and its global size. Financial markets have been seriously disturbed, threatening the robustness of financial institutions and their ability to meet current needs to properly manage the risk. One such risk is operational risk, which has become an important source of loss not only for credit institutions but, especially, for non-banking financial institutions (NFI). In this context, the main purpose of this study is to present the best techniques and methods of managing this risk, less addressed problem in the literature from our country.

Keywords: non-banking financial institutions; financial crisis; financial lease; operational risk; corporate governance; internal audit; internal control; SOX.

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