Operational Risk

What is Operational Risk?

Operational risk is "the risk of a change in value caused by the fact that actual losses, incurred for inadequate or failed internal processes, people and systems, or from external events (including legal risk), differ from the expected losses". This definition from the Basel ll regulations was also adopted by the European union Solvency II Directive.

Basel II defines Operational Risk as, ‘the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.'

Risk Managers Association of Nigeria in its quest to promote best practices in risk Management has developed the under listed to impart skills, knowledge and guide the conduct of members and risk management staff who aspire to become professionals.