Back in fashion
Operational risk has once again become a focus for banks following the rogue trading scandal at Societe Generale and the credit crisis. How exactly are banks scaling up their efforts in this area? By Peter Madigan
There was a time, back in 2001 and 2002, when operational risk was the talk of the town. With the Basel Committee on Banking Supervision having added an explicit charge for op risk in its Basel II consultation paper in January 2001, plenty of effort and expense was put into developing quantitative and qualitative systems for measuring and managing this risk. In recent years, the foot seems to have come off the pedal. With some risk managers expressing doubts about the ability to quantitatively
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