Time to get motivated on modelling

Operational risk modelling - in spite of nearly five years of history - is still in its infancy. And while financial services firms covered under the Basel II agreement will have to find a convincing way to model operational risk before December 31, 2007 - or their regulators will be hopping mad - it is likely that even those models will be only 'rough drafts'.

That's because one of the biggest challenges banks face on modelling operational risk is a lack of historical loss data. "The kind of

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