Operational risk has, in a relatively short period of time, risen from non‐recognition to prominence as the culprit for spectacular corporate collapses. This paper surveys the mushrooming literature on the subject, covering the definition, classification, characteristics, modeling and management of operational risk. It is concluded that operational risk is a controversial topic that will generate a significant amount of research in the years to come.
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Imad A. Moosa (2007) studied this question.
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