Operational Risk Management is a hot topic. The Turnbull report, the (US) Sarbanes-Oxley Act, the new Basel II Accord, and, in the UK, the risk-based approach to regulation adopted by the FSA are evidence of the new regulatory emphasis on operational risk management.
Although the various regulatory initiatives may have been the catalysts for operational risk management to rise up the boardroom agenda, firms need to recognise that they now have an opportunity to improve not only the management of risk but also the performance of the organisation as a whole.
Read more about the background and latest developments on these topics:
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A list of commonly used terms can be found in the glossary.