Why is Settlement (Herstatt) Risk a non-financial risk?

Same for Accounting and Tax Risk.
I have no clear answer in my head but I can try to make it up in a reasonable way here :
The financial risks that are defined as a such by CFAI imply a very explicit and current financial impact and are the main ones involved along the Investment management process (Market Risk, Liquidity Risk, Credit Risk) on the investments while the non financial risks are all the left
In the end it’s just a model to draw up a non-exhaustive list of identified risks along the Risk management process.
Sorry whether I haven’t been that clear, good question though.
 
Good to know I’m not the only one.
It if helps anyone, I got a pretty fitting pneumonic for the non-finacial risks list:
Model
Operational
Regulatory
Accounting, tax, legal/contractual
Settlement (Herstatt)
Sovereign
 
I would guess that settlement risk is only addressing the legal issue of non-settlement, excluding the associated issue of whether non-settlement was due to counterparty or credit risk factors. I am viewing it as a subset of counterparty risk, that is isolated from the quantitative issue. I would think hypothetically a solvent and appropriately capitalized counterparty could strategically refuse to settle. That would be this risk.
 
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