This assignment delves into the critical topic of operational risk management within the financial industry. It examines the definition, types, and sources of operational risk, highlighting the impact it can have on financial institutions. The discussion encompasses various regulatory frameworks such as Basel II and the three lines of defense model for managing operational risk. Furthermore, the assignment explores mitigation strategies and best practices employed by financial institutions to minimize operational risks. The content draws upon scholarly articles, industry reports, and regulatory guidelines to provide a comprehensive understanding of operational risk management in the contemporary financial landscape.
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