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Operational Risk [4]

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Bullet points include: Operational risk is “the risk of loss, resulting from inadequate or failed internal processes, people and systems or from external events”. Consistent with industry interpretations, e.g. PRA, FCA. Includes external events such as terrorist attacks or storm/flood damage. Also includes risks of failures in firm’s processes and systems (such as risk management, IT or human resources). Inclusion of word ‘people’ means includes issues such as mis-managed or poorly trained employees, or potential for people to perpetrate fraud. Excludes business risk

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