Measuring the Unexpected

Operational risk has always been hard to define, much less measure. Last fall, it became even more challenging as Sept. 11 illustrated what an inexact science the entire process is--even for those who have been early adopters of operational risk technology.

"It took us a few weeks before we could make sense of [Sept. 11]--to figure out how we would record it," says Jonathan Howitt, head of operational risk management at Dresdner Kleinwort Wasserstein, who notes that Sept. 11’s impact was

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