The IORW G can help guide our institutions, by looking to raise the bar on the standards of operational risk management and facilitating peer dialogue on emerging risk issues. We should benchmark ourselves against each other, relevant industry standards, and maintain a broad perspective on how the risk landscape is evolving, to ensure we remain capable of mitigating controllable risk.
It has been observed that while VaR satisfies the first three conditions, it does not always satisfy the fourth condition of “sub  BIS central bankers’ speeches  3  additivity” which requires that the risk measure of two portfolios after they have been merged should be no greater than the sum of the their risk measure before they were merged.