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The quantification of operational risk has becoming an important issue as a result of the new capital charges required by the New Basel Capital Accord (Basel Ⅱ) to cover the potential losses of operational risk.In this paper we present second-order approximation of operational risk quantified with spectral risk measures (OpSRMs) within the theory of second-order regular variation and second- order subexponentiality.Moreover,we carry out Monto carlo simulations for a range of empirically relevant frequency and severity distributions to illustrate our second- order results.The simulation results indicate that our second-order approximation is able to capture the sub-extremal behavior of OpSRMs better than the first-order approximation.