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ECB glossary

OECD

See Organisation for Economic Co-operation and Development (OECD)

operational risk

The risk of negative financial, business and/or reputational impacts resulting from inadequate or failed internal governance and business processes, people, systems, or from external events.

Organisation for Economic Co-operation and Development (OECD)

The OECD (based in Paris) was founded in 1961 as the successor to the Organisation for European Economic Co-operation (OEEC). It brings together 37 member countries (2021) in an organisation that, most importantly, provides governments with a setting in which to discuss, develop and perfect economic and social policy.