Attacks – and regulatory change – threaten system stability, Coleman says
Systemic stability is a key concern, but it could be at risk from regulatory reform as well as direct attack, NY Fed op risk chief warns
Stacy Coleman, head of operational risk at the Federal Reserve Bank of New York, has warned that systemic stability could be under threat from regulatory reforms.
"The changes the firms will be going through to enhance their reporting and improve data collection will entail major changes to IT infrastructure – which could affect how those systems will work in the event of some sort of disruption," Coleman says, adding that regulatory reforms such as the Dodd-Frank Act could have unintended side
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