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Operational risk – COSO re-examined
Operational risk, albeit not a new risk discipline, has gained fresh impetus in the light of Basel II. In order to promote and advance operational risk as a recognised and respected risk management discipline, several criteria need to be met: 1.There needs to be a framework for operational risk management together with a common language across the industry; 2. A set of appropriate risk management techniques and tools should be developed; 3. Firms need a thorough understanding of their business processes. The first two requirements are generic in nature, and therefore one can expect the methods developed for enterprise risk management to be applicable here as well. A number of institutions have considered applying the Committee for Sponsoring Organisations of the Treadway Commission (COSO) framework for operational risk management. The COSO approach is described in the Enterprise Risk Management—Integrated Framework papers authored by COSO in 2004 [1, 2]. The Framework paper outlines an integrated approach to enterprise risk management. The Technical Application paper provides an overview of the methods and techniques used in enterprise risk management. [Source: SAS Journal of Risk Intelligence 2005]
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