请问D是什么意思？谢谢

问题如下：

Which of these outcomes is not associated with an operational risk process?

选项：

A.

The sale of call options is booked as a purchase.

B.

A monthly volatility is inputted in a model that requires a daily volatility.

C.

A loss is incurred on an option portfolio because ex post volatility exceeded expected volatility.

D.

A volatility estimate is based on a time series that includes a price that exceeds the other prices by a factor of 100.

解释：

C is correct. Choices a., b., and d. are operational losses. Answer c. is the result of a bet on volatility, which is market risk.