Using transaction data to measure op risk

After more than five years of research and consultation, the Basel Committee on Banking Supervision has formally issued the new capital Accord, Basel II. Its aim is twofold. First, to have the financial services industry determine its capital requirement through the application of more sophisticated internal credit risk models. Second, to achieve a similar degree of sophistication with operational risk.

The challenge on the operational risk side has turned out to be vastly more complex and

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