In this section you will find the definitions as agreed upon by the Fedor members to achieve a common understanding regarding the operational risk terms. This important step was completed in December 2001.


The Forum for European Discussions on Operational Risk (FEDOR) agreed upon a list of definitions regarding operational risk, since it feels a need for a "common language" to comfort discussions among operational risk professionals.

The definitions will be revisited in a two years cycle. We therefore encourage all users of the definitions to send their comments to us (email:
We hope, that these definitions will find a wide use within the operational risk community; the free use with admittance to FEDOR of all definitions is therefore allowed.

The definitions are grouped in the following categories: