A Proposed Methodology for Literature Review on Operational Risk Management in Banks

Abstract

The purpose of this paper is to propose a methodology that enables researchers to identify relevant search terms when conducting a literature review. This methodology requires an analysis of existing literature review articles on the topic under study to form keywords. The objective of this methodology is to reduce bias from keyword selection, to provide assurance on comprehensiveness and transparency of the review process, and to open up opportunities for interdisciplinary studies. In this paper, we tested our proposed methodology by exploring the field of operational risk management (ORM) in banks. Major issues in this literature exist that include controversy on the effectiveness of ORM measurement models and ORM data problems. We described how our methodology facilitated the development of keywords for a potential interdisciplinary approach that has the capacity to appropriately capture the complexity of ORM, thereby enhancing the understanding and ability to resolve the problem of operational risk effectively.