Research On Measurement And Influencing Factors Of Internet Financial Operational Risk

In recent years,as an innovative financial development mode,Internet finance has swept across the globe.With the rapid development of Internet Finance models,such as third-party payment,P2 P online lending,crowdsourcing and big data finance,Internet finance has gradually penetrated into people’s daily life.At the same time,various risk problems should not be neglected.As a new financial model with short development time but fast speed,the self-management of Internet finance is insufficient.There are still many problems in internal organization,management and auditing,and there are great hidden risks in operation.However,operational risk has always been a weak link in the study of Internet financial risk in China.The government and relevant departments have not yet formed an effective risk management framework for the supervision of Internet financial operational risk.Therefore,the measurement of Internet financial operational risk and the establishment of regulatory mechanism have important practical significance for promoting the healthy development of Internet financial institutions and maintaining the stability of financial markets.This paper takes the operational risk incidents of Internet financial institutions from 2013 to 2018 as samples,and studies the operational risk in Internet financial institutions from two aspects of risk measurement and influencing factors analysis.The sample data are from the Wind database,the law database of Peking University and the relevant reports of domestic authoritative network media.On the one hand,this paper measures the value at risk of Internet financial operation risk.Because the number of samples is relatively small,the loss distribution of sample data is judged first.Then,based on the characteristics of the original sample data collected,Monte Carlo simulation method is used to simulate and expand the number of samples with the same distribution as original loss data.Finally,the extreme value theory is used to calculate the Internet financial operation style at different confidence levels.The insured value provides the basis for the Internet financial institutions to prepare the reserve fund for operational risk loss.On the other hand,this paper analyses the influencing factors of Internet financial operation risk.First,we use Bayesian network to construct the framework of Internet financial operation risk impact mechanism,and then make scenario analysis based on this framework.The results show that the internal factors of operation risk are more likely to cause large losses of Internet financial institutions;and the most effective way to reduce the occurrence probability of Internet financial operation risk is to reduce the occurrence probability of internal fraud incidents,customer,product and business operation incidents,execution,delivery and transaction process incidents.Finally,based on the empirical part of the study,this paper puts forward suggestions for the government and related departments,Internet financial institutions to monitor the risk of Internet financial operations.This paper holds that the government and relevant departments can monitor the operational risks of Internet financial institutions by setting up appropriate institutional access threshold,regularly monitoring the occurrence of risk events,enhancing consumers’ safety awareness,standardizing the Internet financial market and giving full play to inter-departmental collaborative supervision;Internet financial institutions can establish internal control management system,set up risk reserve pool,regularly track business,improve risk warning,strengthen the supervision of related parties,and regularly maintain information systems to prevent the operational risks.