Abstract
I fully agree with the principle advanced by The Geneva Association that everyone is accountable for operational risk. The challenge is to identify everyone’s accountability, bearing in mind that the operational risk definition includes people, processes, systems, and whole organizations. In the last analysis, companies are made up of people. Table 1 presents a list of what I believe to be the top dozen operational risks encountered in nearly every entity. The pattern shown in Figure 1 helps in appreciating that these operational risks can be grouped into three major categories:
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