Sound Practices for the Management and Supervision of Operational Risk¶
Basel Committee on Banking Supervision. (2003). Sound Practices for the Management and Supervision of Operational Risk.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Record-Reality Divergence
- Geographic information systems — dispatch maps show roads that no longer exist or bridges that are closed; routing decisions consume the bad map. Public-health case registries — reported counts diverge from true incidence through reporting lag; policy decisions are biased by the divergence. Government registries — voter rolls, property records, and licences carry stale entries; eligibility and taxation decisions consume them. Financial books — front-, middle-, and back-office records diverge when reconciliation is delayed; risk and capital decisions consume divergent books.
This sourceStates that regular verification and reconciliation of transactions and accounts is a key control, and that failure to perform it has produced significant operational losses — the front-/middle-/back-office reconciliation-break problem feeding divergent books into risk decisions.
- Geographic information systems — dispatch maps show roads that no longer exist or bridges that are closed; routing decisions consume the bad map. Public-health case registries — reported counts diverge from true incidence through reporting lag; policy decisions are biased by the divergence. Government registries — voter rolls, property records, and licences carry stale entries; eligibility and taxation decisions consume them. Financial books — front-, middle-, and back-office records diverge when reconciliation is delayed; risk and capital decisions consume divergent books.
Verification¶
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