8 Our simulation suggested that, by the end of 2015, the commodity price decline would cause GDP to be 1 per cent lower than it otherwise would have been. And that’s what happened. As investment fell, firms cut their workforces. You all likely have friends, neighbours or colleagues who were affected by the cuts.
We have seen creativity in the melding of internal and external loss data to guide thinking about internal loss exposures. Perhaps most significantly, we have  2  BIS Review 37/2005  seen some truly innovative thinking about ways to integrate operational-risk measurement into the broader framework of operational-risk management.