In February 2003, the Basel Committee on Banking Supervision released a paper titled “Sound Practices for the Management and Supervision of Operational Risk” that outlines a set of broad principles that should govern the management of operational risk at depository institutions of all sizes.5 These principles will likely play a key role in shaping our ongoing supervisory efforts in the United States with regard to operations risk management.
As with COSO's enterprise risk management framework, I encourage you to read the operations risk paper. Operations risk has always been a part of banking.