A combined effort

The term 'operational risk' was probably first officially used in 1991, by the US Committee of Sponsoring Organisations (Coso) of the National Commission on Fraudulent Financial Reporting, formed in 1985 to develop internal controls and standards for companies to use to eliminate fraudulent reporting. The UK later introduced the Combined Code on Corporate Governance in 1998 and revised it in 2003, with the Turnbull guidance on the reporting of the effectiveness of internal controls.

The Basel Co