The comments on the possible role of bank supervisors reflected the relatively early stage of the development of operational risk measurement and monitoring. Most banks agreed that the process is not sufficiently developed for the bank supervisors to mandate guidelines specifying particular measurement methodologies or quantitative limits on risk. Preference was expressed, at this stage, for supervisors to focus on qualitative improvement in operational risk management. In this regard, many banks noted the potential for supervisors to raise the level of awareness of operational risk. The banks were more split on whether the supervisors should provide a forum to facilitate the identification of "best practices", with some expressing reservations about the usefulness of best practices given the perceived institution-specific nature of operational risk.

The Basle Committee believes that publishing this summary of the results of its survey will provide banks with an insight into the management of operational risk. The Committee will continue to monitor developments in this area. Banks are encouraged to share with their supervisors new techniques for identifying, measuring, managing and controlling operational risk.