FSA criticises OR frameworks
LONDON – Two UK Financial Services Authority (FSA) executives spoke at length about the weaknesses in the op risk measurement and management frameworks at the firms they regulate at the OpRisk Europe conference, in London in early April.
The comments were made in the context of site visits the FSA is conducting with regulated firms – banks have already had a report on their AMA frameworks published on the FSA website. The FSA will also be undertaking a comprehensive thematic review of risk management and governance at insurance firms, with results available later this year, and it plans to launch a series of visits to investment firms later this summer. The regulator also published Approach for applications to IRB and AMA on its
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