Operational Risk - Where It's At and Where It's Going...:
Find out at OpRisk USA 2004, March 30 & 31, New York
LONDON, March 16 /PRNewswire-FirstCall/ -- There has been an unprecedented interest in Risk magazine's annual operational risk conference, Oprisk USA 2004, being held in New York on 30 & 31 March. The conference -- the sixth annual event that Incisive Media (LSE: INM - News) has held -- examines the sophisticated operational risk management frameworks that organisations are having to adopt and implement in order to keep up with the increasing complexity of today's business environment and the ever more challenging regulatory demands.
The measurement and management of operational risk is a rapidly growing area of interest within the financial industry, and is considered to be one of the greatest threats to banks, asset management firms, and insurers. It has been estimated that operational risk has accounted for $112 billion in losses over the past five years. Examples of operational risk failures include cases such as National Australia Bank, Allied Irish Banks, and the late trading/market timing scandals at US mutual funds. Reflecting recognition of the scope of these losses, the new capital adequacy accord proposed by the Basel Committee on Banking Supervision will require banks to set aside regulatory capital specifically against operational risk, from the end of 2006."