Operational risk is a concept from the area of financial risk. The definition is contained in the Basel II regulations. On the other hand, there is the theory of machines safety, occupational safety, environmental risk through production. It seems that the same issues come up quite differently from economists and production engineers. Maybe there are some models that integrate these issues?
The problem lies in the risk (human, economic and environmental) assessment of the designed method of production, in compliance with the terms occurring in the theory of operational risk (Basel regulations).
You could adopt Markov Chains see this example www.qjie.ir/?_action=showPDF&article=17
It is qute difficult to answer there is or not. it depends on your issues behavior. For the engineerign operational risk, such as metro tunnel, gererally both mechanis and mathematical models are required for risk analysis.
From my perspective (even as a former regulator) Operational Risk is to be measured on a much broader basis than the financial sector: Unfortunately, I am not Aware of any mathematical models for the theory of machines safety, occupational safety, environmental risk through production but I would expect that one easily adopt these approaches for certain Operational Risk Problems in financial institutions as well: Hence, from a mathematical point of view I would expect to see different applications for the same mathematical techniques (as, e.g., any loss distribution approaches, Markov chains, etc.).
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