Which of the following is not considered an aspect of operational risk?

Market volatility is not considered an aspect of operational risk because it pertains to fluctuations in financial markets that can affect the value of assets and liabilities. Operational risk, on the other hand, is specifically related to events resulting from inadequate or failed internal processes, people, systems, or external events. This includes risks stemming from human errors, failures in internal processes, and system breakdowns, all of which fall under the definition of operational risk. Understanding the distinction between operational risks, which are internal and process-oriented, and other risks like market or credit risks is essential for effective risk management.