The Basel II proposals refer to loss data in several different contexts. In the Sound practices paper, the Committee refers to collecting loss data as a component of both risk identification and monitoring. In the third consultative paper (CP3), loss data is a tool to validate risk estimates, a component of risk reporting, and a key input to any advanced measurement approach (AMA) model. In addition, CP3 sets the standard for seven standard categories of operational event risk. At the time
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