A foundation for KPI and KRI
Key performance indicators and key risk indicators are the two critical ingredients of sound operational risk management. Peter Vinella sets out to provide a consistent definition of op risk factors in terms of these two concepts
With the announcement of Basel II, operational risk factors (ORFs) and the role they play in a compliant op risk management practice has become a paramount issue.
The Accord states that business environment and control factors must be used in any measurement of operational integrity and risk to quality for the advanced measurement approach (AMA)1 – the approach favoured by most banks subject to Basel II. Unfortunately, the Accord itself provides very little insight or guidance as to how ORFs
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