Securitisation Swaps – A Practitioner’s Handbook : [PDF Download]

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“Operational risk is the risk of loss caused by a failure in the actual handling of a structured funding transaction. Such a failure could occur before, during or after the issuance, all the way until the debt is fully discharged.

Since structured funding transactions are complex and have multiple parties, there are many potential points of failure. Cash flows need to be collected, calculated, distributed and paid on time. Swaps need to be correctly booked to ensure, amongst other things, that tranche cash flows and derivative cash flows line up.

Collateral may need to be posted. Fraud can occur, systems can go off-line and procedures can fail when staff are absent. In general, very few operational risks can be completely mitigated.

However, a professional standard of risk management demands that operational procedures and controls receive a high degree of attention.”

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