New op risk taxonomy set for October debut
Project is being closely watched by banks and regulators amid frustrations with legacy Basel approach
A new standardised taxonomy for operational risk developed by industry consortium ORX is set to be unveiled in October.
After spending over a year sifting through a vast dataset composed of the taxonomies of more than 60 of its members, ORX has completed a first draft of the new taxonomy, which is currently being reviewed by a member advisory group, says Steve Bishop, head of risk information and insurance at ORX.
The project is not intended to supplant taxonomies at any one financial
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