Belgian companies club together for op risk guide

Operational risk has become increasingly important in the financial sector as the internal ratings-based system comes into common usage under the Basel II regulations. Under this approach, a bank can use its internal system to rate the operational risk attached to clients. In addition, financial institutions can choose a standardised or advanced measurement approach to operational risk management.

The five companies involved in the product, called TransConstellation, are Banksys, Euroclear, Fin-Force, Swift and the Bank of New York’s Brussels office. The guidelines divide each of the eight factors into three levels - foundation, intermediate and best practice - and provide advice on improvements.

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