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Operational risk management has come a long way in a few years. At the start of the decade, financial industry executives were hard-pressed to precisely define a concept that seemed far more vague than the largely familiar and quantifiable categories of credit and market risk. Today, a series of regulatory initiatives, the consequences of late trading and other market scandals, and a sensitivity toward disaster planning heightened by the Sept. 11, 2001 terrorist attacks put the operational on a par with the longer-established disciplines of risk management.
It was a necessity, contends Herve Geny, an SVP and risk management specialist at MoodyOs Investors ...