PRMIA ORM Practice Questions - PRMIA Operational Risk Manager Certificate Exam

Under the Basel framework, which of the following is the standard definition of operational risk?

The risk of loss arising from adverse market price movements The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events The risk that a counterparty will fail to meet its contractual obligations The risk that the bank cannot meet its short-term funding obligations

Correct Answer:

The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events

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