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This article explains the seven categories of risks that have been propounded in the basel norms by the bank of international settlements This article outlines the key changes to the calculation of own funds requirement for operational risk, as part of the implementation of basel 3.1 standards (ps17/23). The details of risks in each category as well as their importance have been highlighted in this article.

Under basel iii, banks using the standardized measurement approach must still rely on the seven primary loss categories to calculate their operational risk capital requirements. In accordance with the final basel iii package, the three approaches to operational risk — one of the areas most affected — that are currently allowed are being replaced with a new standardised approach. Under the new basel accord, banks will have to use a revised standardized approach (sa) to calculate the minimum operational risk capital requirements

This approach will replace all three existing approaches for operational risk under pillar 1.

The board of directors should approve and periodically review a risk appetite and tolerance statement 16 for operational risk that articulates the nature, types and levels of operational risk the bank is willing to assume. How does basel iii’s final rule change the calculation of operational risk capital Learn more about the new approach and how banks can chart a future that goes beyond compliance. 8.1 this chapter sets out the prudential regulation authority’s (pra) proposals to implement the basel 3.1 standards for operational risk.

The basel committee defines operational risk in basel ii and basel iii as The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Further guidance related to risk identification and assessment tools, the role of risk in change management, further detail on the articulation of risk appetite, the use of scenario analysis and the introduction of operational risk exposures into disclosure requirements.

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