Nowadays financial institutions due to regulation and internal motivations care more intensively on their risks. Besides previously dominating market and credit risk new trend is to handle operational risk systematically. Operational risk is the risk of loss resulting from inadequate or failed...

In addition to credit, market and liquidity risk, measuring and managing operational risk (risk associated with people, systems, processes and external events) is a great challenge for banks. In 2010, around HUF 35 billion in operational risk losses were reported in the banking sector overall,...