UK’s FSA reforms ORIAG as ORSG
London -- The UK’s Financial Services Authority (FSA) has reformed its Operational Risk Implementation Advisory Group (ORIAG) as the Operational Risk Standing Group (ORSG), after deciding to disband ORIAG in the fourth quarter of 2003. The group is being chaired by Colin Tattersall, who is policy head of operational risk at the FSA.
ORIAG produced a well-regarded paper on operational risk in January 2003, but met only sporadically afterwards, with the last formal meeting minutes posted for July 2003.
According to sources, there was disagreement over what tasks an industry consultation group should now take on. The FSA has decided that the ORSG will focus its energies on "issues regarding the practical implementation and monitoring of compliance with operational risk policy," as outlined in the Prudential sourcebook and in
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