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The Operational Risk Handbook for Financial Companies: A guide to the new world of performance-oriented operational risk by Brian Barnier

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2.4. Improving Control Capability

First step to control efficiency—clarity

A control has a range of definitions from different disciplines, including the range covered by operational risk. Some state what a control does. Others state the benefits. In an attempt to bridge some of the differences, this functional definition is offered: A ‘control’ measures conformance with specification, and then acts on that information (reports, protects, alters, corrects). Even simpler, controls can be said to detect and act or sense and respond. Some controls only report a status; others are smarter and take rule-driven actions based on a policy. [27] To make it easier to fix problems and simplify controls, it is helpful to distinguish controls from ...

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