Using transaction data to measure op risk
Since 1999, Peter Hughes has led a team of op risk specialists that has studied transaction processing environments in global banking organisations. The focus was on examining and understanding the causes of operational failure. The information and benchmark data gathered was used to develop a method that provides consistent and comparable measures of exposure and probability of failure in transaction processing environments. Hughes outlines the method that resulted from these studies
After
more than five years of research and consultation, the Basel Committee on Banking Supervision has formally issued the new capital Accord, Basel II. Its aim is twofold. First, to have the financial services industry determine its capital requirement through the application of more sophisticated internal credit risk models. Second, to achieve a similar degree of sophistication with operational risk.The challenge on the operational risk side has turned out to be vastly more complex and
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