Retail banking accounts for two-thirds of op loss events, says Basel survey

BASEL, SWITZERLAND -- Operational losses in retail banking accounted for two-thirds of the number of operational losses suffered by banks, according to a survey by global banking regulators. The survey sought data about the impact on major banks of the Basel II banking accord proposals for an op risk capital charge.

External fraud and execution & delivery failures in retail banking accounted for more than half the total of over 27,000 loss events recorded by 30 banks in 11 countries in Europe, North America, Asia and Africa. The survey was undertaken by the risk management group of the Basel Committee on Banking Supervision, the body that in effect regulates international banking.

The banks were asked for data on operational losses in the years 1998 to 2000. The losses were categorised into eight

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