The heavy burden of regulatory settlements
Recent regulatory penalties and settlements have underlined the degree to which operational risk figures are influenced by a few tail losses – and the need for models to reflect this
Over the past few months, high legal settlements on the financial industry have been in the headlines. Though these settlements were initially mostly legacy from the financial crisis and the role of banks in the mortgage market collapse, the legal problems are now spreading into tax issues and dealings with prohibited countries. The cost to banks of these legal settlements and penalties is now
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