US senator calls for VAR overhaul
Speaking to Risk after JP Morgan boss testifies on $2 billion loss, US Senate banking committee member Kay Hagan says risk modelling and reporting need overhaul
US senator Kay Hagan has called on legislators and regulators to find ways of improving bank risk measurement – in particular the value-at-risk metric used in regulatory capital requirements.
Speaking to Risk shortly after attending a hearing of the Senate Committee on Banking, Housing and Urban Affairs yesterday – at which JP Morgan chief executive Jamie Dimon testified on the bank's $2 billion first-quarter trading loss – Hagan said the role of VAR in the episode demonstrated a need to re
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