Range of practice in operational risk measurement
The lack of a commonly accepted benchmark model is a handicap for the operational risk industry. Marcelo Cruz discusses the areas where industry practice still diverges, and ways to bring it together
It is common in risk management industry gatherings to hear that operational risk measurement as a discipline is still in its early stages. This is to a certain point to be expected since Basel II was signed only eight years ago and has still not even been officially implemented in the US. However, compared with market and credit risks it is taking considerably longer for operational risk
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