Central banks need to define clear role for operational risk
A defining role
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The Bank for International Settlements (BIS) defines operational risk for a financial institution as “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events”. For a central bank, this definition may need to be expanded to “direct or indirect loss” as a result of events within the broader financial system in which it plays a significant role.
Regardless of the definition, the framework for managing
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