Event Risk is Not Your Only Operating Risk
Taking the regulators’ lead, and the lead provided by Pillar 1 in Basel II, many banks have narrowly defined operating risk as “operational event risk,” meaning external threats and failures of processes, systems, and people. Regulators worry about event risks because they often imply that a rule of some sort has been broken, and perhaps also because events such as rogue trading, accounting scandals, and major lawsuits have a grip on the public imagination.
Regulatory concerns are important
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