Basel reissues op risk paper to give broader scope

Global banking regulators reissued a consultative paper on sound practices for operational risk management today, to give it a broader scope for smaller, local banks.

The new paper also has two new principles on internal audit and contingency planning, which reflect the impact of the September 11 attacks on New York’s financial district and frauds uncovered in recent months, regulators said.

The Basel Committee on Banking Supervision, the body that effectively regulates international banking, is seeking industry comment on the paper by September 30.

The consultative paper was originally published in December last year. The Basel Committee said several changes

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