Industry-led op risk taxonomy launches
Scheme aims to complement Basel classifications, ease peer comparison
A new bank-led system for categorising operational risks, developed by industry consortium ORX, reflects the increased importance being accorded to risks outside traditional market and credit risk parameters since the publication of the Basel Committee on Banking Supervision’s taxonomy.
The new taxonomy is intended to create a common language for financial institutions to share information and a framework for understanding the causes and effects of operational loss events. It will also allow
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