The Basel Committee on Banking Supervision (BCBS) defined operational risk (OR) as the risk of losses resulting from the inadequacy or failures in the internal processes, people and systems, or from external events. This definition includes the legal risk but excludes strategic and reputational...

This paper analyzes the best practices related to liquidity risk management in financial institutions, in terms of both the existing standards on the issue and their application in several countries. To this effect, the paper compiles, in the first place, the best practices issued by the Basel...