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processes,peopleandtechnicalsystems,orexternalevents”,andthisdefinitioninitsmeaning
includedalsolegalrisk
51.
Herewemustemphasisethat,apartfromthedefinitionspecifiedinBaselII,
individualbanksdefineoperationalriskinanindividualway,whichispresentedinasurvey
conductedin2003bytheJournalofOperationalRisk.Herearesomedefinitionsof
operationalriskgivenbyfinancialinstitutionsparticipatinginthesurvey:
BankofAmerica–“potentiallossresultingfromeventswiththeparticipationof
people,eventscausedbytechnology,causedbyprocesses,lawsuits,externalevents,mistakes
inorderprocessingaswellassupervisioninterventionandreputationalloss”
Citigroup–“theriskoflossresultingfrominadequateorfaultyinternalprocesses,faults
ofpeople,systemsorexternalevents.Itincludesthereputationalriskandfranchiseriskconnected
withbank'sbusinesspracticeorthewayitfunctionsinthemarketofbankingservices”
Commerzbank—“theriskoflossresultingfrominadequateordefectiveinternal
processes,andalsofrominappropriatesystemsfunctioning,thehumanfactorandasaresult
ofexternalevents.Legalriskisrecognisedasapartofoperationalrisk.Itincludesthe
consequencesofinappropriatelyexecutedagreementsandtheconsequencesofchangesinthe
legalenvironment.Theabovedefinitiondoesnotincludestrategicriskandreputationalrisk,
whichweredefinedseparately".
DeutscheBank—”potentiallosscausedbypeopleduringtheprojectmanagement
process,byerrorsindocumentationandincontractswithcustomers,aswellascausedby
technologicalorinfrastructurefailure,catastrophesandexternalactions,aswellasdisturbances
intheareaofcustomerrelations.Thisdefinitionincludeslegalandregulatoryrisk".
FleetBoston—”theriskoflossresultingfromimproperorfaultyinternalprocess,
failedsystems,stafferrorsor,also,externalevents.".
GoldmanSachs—“theriskofreputationalloss,interferenceofbankingsupervision,
andalsotheriskoflossresultingfromimproperorfaultyinternalprocessesorsystem
breakdowns.Itmayappearinmechanicalortechnologicalmechanisms,intheinfrastructure
andindailybusinessactivities,asaresultofextraordinaryevents,includingthosecausedby
independentfactors.Operationallossmayalsobecausedbyhumanerrorsorintentional
actionsofemployees(fraud)".
HSBC—“theriskoflosscausedbyfraud,illegalactions,errorsandnegligence,
inefficiency,systemerrors,orinconsequenceofexternalevents".
JPMorganChase—“theriskoflossresultingfromfailedprocessesorsystems,the
humanfactororexternalevents".Reputationalrisk(definedseparately)appearswhenthe
bank,”inadequatelymanagescredit,marketoroperationalrisk,ordoesnotmaintainbusiness
practiceatthehighestpossiblelevel”.
LloydsTSB—“ThebankadoptstheBaseldefinitionofoperationalriskwiththe
additionofreputationalrisk”.
MorganStanley—“Thetermoperationalriskgenerallyreferstotheriskofloss
resultingfrombankingoperations,includinginappropriateorunauthorisedcompletionor
settlementoftransactions,bankingsystemerrorsorbanksecuritybreach"
52.
Regardlessoftheaccepteddefinitionofoperationalrisk,itsdescriptionisthebasisof
efficientmanagementinafinancialinstitution.MostbanksrelyonthedefinitionoftheBasel
Committeeandtheirguidelinesformanagementandforpreventionfromtheeffectsofthe
risk.Thisdoesnotchangethefactthateveryfinancialinstitutionadoptsthisdefinition,
expandingitwiththoseaspectsandactivitieswhicharenotincludedinitsbasicversion.
51
BaselCommitteeonBankingSupervision“InternationalConvergenceofCapitalMeasurementandCapital
StandardsaRevisedFramework”BankforInternationalSettlements,Basel2004,pp.137-138.
52
CorporateGovernanceSurvey2003,Part1,OnRiskDisclosure;aLangRoadAhead,„OperationalRisk
2003,vol.4,no6.
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