Profile: South Africa’s Nedcor creates enterprise-wide op risk framework

JOHANNESBURG -- Risk management executives at Nedcor, one of South Africa’s ‘big four’ banking groups, both love and hate Basel II’s op risk capital charge. The bank recently restructured and put operational risk at the centre of its business strategy, as part of an enterprise-wide risk management framework. Controversially, however, Nedcor executives believe that quantification and modelling of