2. Heard a Presentation from the Operational Risk Consortium John Simone (Operational Risk Consortium—ORIC)
- The definition of operation risk management would include any issues regarding people or governance as it pertains to
oversight, technology, infrastructure, business continuity management, outsourcing, mis-selling, data protection, or
transaction processing and products.
- He explained that this is a broad definition, which makes it difficult to quantify because of the vast amount of variables involved, and is people-driven with a large amount of technology included, which makes it difficult to measure.
- Operational risk also includes legal risks.