It took three employees and several hours for Citigroup to realize it credited a customer account with $81 trillion instead of $280.

Even minor human errors in interpreting regulations or internal accounting standards forming part of operational risk (OR) ...

Of the main areas of risk management, operational risk has the shortest history, with the industry beginning to give it serious consideration only 25 years ago. In that time, the industry has made ...

"Fourth parties" are the parties that a service provider engaged by an APRA-regulated entity relies on in delivering its services (essentially, a subcontractor). CPS230 acknowledges that an ...

Join us for this conference workshop to learn the best practices of managing op risk by creating effective op risk frameworks while taking into consideration key factors from the Prudential Standard ...

The COSO framework for enterprise risk management identifies eight core components of developing ERM practices. Successful ERM strategies can mitigate operational, financial, security, compliance ...

to comply with enhanced operational risk management requirements. At Bloomberg, we understand that remaining competitive in a fast-changing environment requires financial entities to constantly ...

Still, it took several hours to reverse the transaction, according to the FT, unveiling operational weaknesses ... scrutiny for years over its risk management and operations practices.