A model of op risk with imperfect controls

A new feature of Basel II is the explicit regulatory charge for operational risk, which is the risk of loss resulting from inadequate or failed processes. Operational risk covers a wide range of hazards, from natural disasters such as flood, earthquake, fire and storms to failures of the physical plant and equipment of a firm, failures in electronic trading, clearing or wire transfers, and trading and legal liability losses. It also covers events such as internal and external theft and fraud

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