CEBS consultation paper "a disappointment"
LONDON – The financial services industry is less than pleased with the second consultation paper published by the Committee of European Banking Supervisors (CEBS) on the validation and assessment of credit and operational risk approaches.
One industry association executive termed the consultation paper "a disappointment", and said that the CEBS seemed to take very little of the industry's response to the first paper into account when drafting the second.
In particular, CEBS added much material to the operational risk section – it is now 31 pages, compared with the 19 pages of the previous draft. One section that has been bulked up is on the internal validation of risk measurement and management processes – section 463 a-q. This
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