Chartis - Operational risk overtakes credit risk as the most important risk in financial services

Operational risk is the change in value caused by losses, incurred by inadequate or failed processes, people or systems, or from external events. On the heels of the LIBOR manipulation scandal, various product mis-selling cases, model failures, various financial crime loss events and mis-conduct cases, it has overtaken credit risk as the most important risk type: it remains a major element of almost every major financial crisis, and the firms which are able to withstand the dangers of the