Process risk

{
  "id": "MLC-T-INS-002692",
  "term": "Process risk",
  "field": "Insurance and risk management",
  "definition": "The risk of loss arising from flawed, poorly designed or incorrectly executed business processes, such as data entry mistakes, missed approvals, or breakdowns in claims handling and underwriting workflows. It is one category within operational risk and is separate from market and credit risk. The Basel definition of operational risk lists failed processes first, alongside people, systems and external events.",
  "url": "https://mlchart.com/terminology/insurance/process-risk/"
}