Operational risk management is a critical component of Basel II, an international regulatory framework for banks. The Basel II Accord sets out a set of minimum capital requirements that banks must hold to cover their operational risks. These risks include the risk of fraud, errors, and system failures. There are seven common pitfalls that banks…
Operational efficiency refers to the ability of an organization to achieve its desired outputs with the least amount of waste or redundancy. It is a measure of how well an organization uses its resources to produce goods or services. There are many benefits to achieving operational efficiency, including:
Operational excellence is a systematic and continuous approach to improving an organization’s processes, products, and services to achieve the highest possible levels of quality, efficiency, and customer satisfaction. It is a journey, not a destination, and requires a commitment from all levels of the organization. The benefits of operational excellence are numerous and include improved…
