ECB glossary

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

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.

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.