The bigger picture
In 2003, rating agencies considered operational risk as a separate risk category, but quantification problems have prompted them to take an integrated, enterprise risk management approach.
Enterprise risk management. The mere mention of it is enough to get risk managers scratching their heads and wondering exactly what it means. But despite the confusion, credit rating agencies seem to have wholeheartedly adopted it in their ratings assessment of financial institutions. After the implementation of Basel II, everyone expected the credit rating agencies to look at operational risk on an individual basis in their rating assessment methodology for financial institutions, but this has
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