
Classification, identification and monitoring of operational risk 27
This is consistent with the fact that, as we gain experience and enrich our database,
operational risk studies should target a significant detail. We are not yet there. Prior
to reaching the necessary level of detail, we must assure that op risk studies address
salient problems, a process assisted through classification and identification.
Regarding data collection per se, operational risk data must be captured at the
source. This is not current practice, therefore, according to some estimates 30% of op
risk entries are wrong. Wrong classification is co-responsible for errors in the ...