Industry Initiative of the Year: ORX
ORX’s op risk taxonomy project improves measurement of progress and change
When is an operational risk not an operational risk? When, as a growing number of financial institutions were finding, it is not defined in the op risk taxonomy laid down by the Basel Committee on Banking Supervision in 2001. In the 17 years since the organisation began its work, operational risk practice has diverged increasingly from the classification scheme used by regulators to oversee how financial institutions manage op risks and how they track losses.
“Basel event types, originally
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