Transcription of Why COSO is - OpRisk Advisory
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Why COSO is - OpRisk Advisory
Operational risk is one of the mostsignificant risks that businesses facein today s complex global most of the world s leading institutions ithas become more than apparent thatimplementing an effective operational riskmanagement programme can help reducelosses, lower costs associated with fixingproblems and increase customer andemployee satisfaction, thereby improvingfinancial performance and enhancingshareholder value. Basel II may have forced banks to reviewtheir approach to managing operational risk,but for most leading institutions the questionwas never whether to establish such aprogramme, it was how.
In our view, COSO – as it is currently applied – is a wholly inappropriate approach for managing operational risk; it is a huge waste of resources and is very likely to do
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