Defining operational risk boundaries
As director of the Operational Risk Insurance Consortium (ORIC) – a database for insurers to use operational loss data – Steven Wells has been closely involved with all aspects of op risk from an insurance perspective. In this article he considers his experience
Operational risk can be defined as the risk of an incident that results in, or could result in, the outcome of a business process differing from that which is expected. This may be due to inadequate or failed processes, people, systems or external factors, but it would exclude strategic or discretionary processes. It includes risks relating to business, crime, disaster, IT, legal, regulatory
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