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operational risk


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The risk of direct or indirect loss resulting from inadequate or failed internal processes and systems, or from a wide variety of external events. The control of operational risk has been the object of much attention in recent years, for example in the 2004 Basle Two accord concerning the capital adequacy of banks and in the Turnbull Report in the UK. It has also led to changes in the regulation of financial institutions and the requirements for the listing of public companies.

Subjects: Financial Institutions and Services — Accounting.


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