Do we need a broader definition of op risk?

Most definitions of operational risk fail to capture completely the complexity of a concept that covers fraud, computer system failure, settlement and documentation foul-ups and human error.

The definition put forward in Basel II, the new capital adequacy accord proposed for large international banks by the Basel Committee of banking supervisors from the Group of 10 leading economies, is: "Operational risk is the risk of direct or indirect loss resulting from inadequate or failed internal pro

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