问题如下：
The Basel definition of operational risk focuses on the risk of losses
due to inadequate or failed processes, persons, and systems that cannot
protect a company from outside events. The definition has been subject
to criticism because it excludes:
选项：
A. market and credit risks.
B. indirect losses.
C. failure of information technology operations.
D. impacts of natural disasters.
解释：
The Basel definition excludes credit or market risks.
All of the other choices are incorporated in the definition of
operational risk.
