Operational Risk Advisors LLC is an independent consultancy and
executive coaching firm specializing in operational risk management,
risk finance, and insurance. The firm assists corporate and financial
institution clients worldwide in operational risk assessment, analysis
and mitigation, in the design, development, enhancement and review of
risk capital models, risk finance and insurance programs, and in complex
insurance claims preparation. The firm also provides post-loss
reconstruction management services, such as in the case of critical
business document recovery.
Operational Risk Advisors was founded
by Douglas G. Hoffman in 2000. In the 1990s, Mr. Hoffman and his teams
pioneered many practices that are currently applied in operational risk
management. He led the Operational Risk and Insurance Management
department at Bankers Trust, including risk finance and insurance
management, operational risk assessment, measurement and management, and
the firm's global business continuity planning function. During this
time, he and his teams developed the first internal and external
databases of operational incidents and losses - later re-named the First
Database and owned and managed by Fitch Group. They also
developed one of the first on line tracking systems for issues,
incidents, losses, as well as one of the first operational risk capital
models in the industry. The capital model was a hybrid model that
included a core loss distribution approach, which was enhanced with risk
management and control incentives. Mr. Hoffman authored a book entitled
"Managing Operational Risk: 20 Firmwide Best Practice Strategies," which was published by John Wiley & Sons in January 2002, and is
considered to be one of the authoritative reference sources for the
discipline.
