The move by the Asean countries to set up a loss data consortium for operational risk data is gathering momentum. The committee exploring the development of this tool will present a feasibility study at the Asean Banking Council meeting in November. It is expected to recommend that each country set up its own database according to strict common standards. The data could then be combined at a regional level.
This news was shared by Patricia Jalleh, chairperson of the operational risk task force