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As banks embrace sophisticated financial products, making their risk profile more complex, those specialising in custodian and asset management, are most vulnerable to future operational risks, a top Central Bank official said Monday. As banks embrace sophisticated financial products, making their risk profile more complex, those specialising in custodian and asset management, are most vulnerable to future operational risks, a top Central Bank official said Monday. Unlike well known risks like credit, interest rates and market stability, operational risks are now an integral part of risk management policy that is threatening the financial stability, observed Ranee Jayamaha, Central Bank’s Deputy Governor, while delivering the keynote address at the South East Asian Central Bank (SEACEN) meeting in Colombo.

Operational risks can be broadly classified into man-made risks (mistakes, faulty models, frauds, terrorism, wars etc.,) and God-made risks (earthquakes, floods, tsunami disasters, electrical blackouts, telecom interruptions),

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