Direct & indirect reference removed from Basle II operational risk definition
BASLE, SWITZERLAND – Reference to “direct or indirect loss” is likely to be removed from the definition of operational risk given originally in the proposed Basle II banking accord, say global banking regulators.
The Basle II consultative paper in January defined operational risk as: “The risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events.” The definition includes legal risk, but not strategic and
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