Banks collaborate on non-financial risk taxonomy

Operational risk practitioners from large banks working together on industry best practice

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All in order: an op risk working group is developing a common classification for non-financial risks

Operational risk practitioners from eight large global banks are trying to come up with an industry standard taxonomy of non-financial risks in an effort to improve their op risk programmes, Risk.net has learned.

A sound risk taxonomy – and a list of controls that go alongside it – is seen as a vital ingredient in effective op risk management. The area has become the latest focus for a group of op risk practitioners from banks including Barclays, Deutsche Bank, JP Morgan and HSBC, which deals

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