Operational Risk: The Last Frontier
SPECIAL ISSUE
According to a report on operational risk released by The Basle Committee of the Bank for International Settlements (BIS), banks are experimenting with methods to quantify operational risk (RMO, November 30, 1998). The BIS report says all banks are enhancing internal controls and audits to mitigate operational losses.
BIS also issued a framework of guidelines for supervisory evaluation of internal controls (RMO, January 26, 1998).
Software vendors have also begun developing models to quantify
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