A beginning, not an end...

There's a host of operational risk issues still to be ironed out by the global banking industry and its supervisors. Bank regulator Jeremy Quick considers the key questions.

Operational risk is now on the banking regulator's map - and not before time. But the intention of the Basel Committee of banking supervisors to require international banks - for the first time - to set aside capital against operational risk marks the start rather than the end of a process.

Overall, the hope is that the new Basel accord on bank capital adequacy will be seen as a milestone on the way to a safer banking industry when it takes effect in 2004. It will replace the old accord

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