Basel Committee reissues op risk paper to give broader scope
BASEL, SWITZERLAND - Global banking regulators reissued in July, as they had said they would, a consultative paper on sound practices for operational risk management to give it a broader scope for smaller, local banks.
The new paper, which asks for industry comments by September 30, also takes account of the operational weaknesses exposed by the rogue trading loss suffered by Allied Irish Banks earlier this year. And it places more emphasis on the need for business recovery planning; the original paper of December last year was largely written before the September 11 attacks on the US.
The new paper from the Basel Committee on Banking Supervision also lays less emphasis on the measurement of op risk. Regulators
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