Equitable Life – Op risk Or Market Risk?

London--The downfall of British mutual life assurer Equitable Life, which in early December said it could accept no new investors because of a flawed long-term investment strategy, highlights some of the problems of defining operational risk, say risk management practitioners.

In short, was the world's oldest mutual life assurer forced to close it doors to new business and gradually 'run off' its existing policies because the market went against it, or because it fell foul of an operational