Regulatory fines moved into legal risk definition

Regulatory Update

Originally, this was not stated explicitly by the regulators drafting the Basel II document, although the source says that they had always assumed these items would fall under the umbrella of legal risk.

Indeed, some operational risk managers view legal risk as purely the result of legal problems, with a specific focus on counterparty risk. For example, law firm Clifford Chance defined legal risk in a seminar earlier this year as "the risk that one is unable to enforce rights against, or rely on

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