Author： Gray Joanna
Publisher： Henry Stewart Publications
ISSN： 1752-8887
Source： Journal of Risk Management in Financial Institutions, Vol.1, Iss.1, 2007-10, pp. : 107-111
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Abstract
This short piece considers the relationship between the disciplines of operational risk management and law. It argues that a better understanding of this relationship is key to both risk managers and to legal actors as risk-based regulatory standards and rules feature increasingly prominently in international and EU standards that affect the operating environment for financial institutions and national laws that implement these standards. Taking the UK as an example, the paper considers the context of how ‘operational risk’ has featured in notable judicial decisions. It argues that given the emphasis laid on operational risk by Basel II, and indeed sound legal and governance systems more generally, it will behove professional risk managers to watch legal developments closely.
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