Operational risk is the risk of loss from the operations of the bank whether internal or external. This could be due to improper internal practices, failure in the overall operations of the bank or due to external factors related to the overall operations of the bank. Operational risks are usually controllable to some extent and can be removed to a certain extent.
UBS determines and controls operational risk to the highest extent possible as each division of UBS has an operational risk control unit along with a unit head who reports to the group head of operational risk. These units have been designed to manage the tangible and intangible assets of UBS and to solve and control issues like reconciliation of daily reserves, failure of IT systems and fraud control.
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