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Steady progress — But could do better

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Abstract

The economic returns of a successful operational risk program are significant, running into tens of millions of dollars annually for large financial institutions, according to a new survey conducted by Operational Risk magazine and SAS UK. But while there has been progress over the past 12 months there is still a lot to do. Incredibly, a fifth of global respondents do not even have a program in place. Difficulties in collating clean data and poor awareness among staff are the major obstacles, and companies have not yet worked out the best organizational framework for addressing risk.

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  • Mestchian, Peyman, 2004. "Steady progress — But could do better," Journal of Financial Transformation, Capco Institute, vol. 11, pages 110-111.
    • Handle: RePEc:ris:jofitr:1372
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    Keywords

    Operational risk; financial data;

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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