The holistic approach to operational risk management
The term operational risk management (ORM) tends to conjure up images of every type of risk except credit or market risk. Some think of the Basel definition of operational risk and others will come up with their own versions.
Then there are the drivers for ORM in the industry today. Some organisations will implement ORM as a result of complying with the recent Basel II Accord and some will implement an ORM process just because it makes good business sense. That said, regulatory guidelines
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