Basel hurries to clarify questions

BASEL, SWITZERLAND – Members of the Basel Committee on Banking Supervision are burning the midnight oil to try to resolve some difficult op risk issues before various jurisdictions are forced to finalise their Basel II rules to meet implementation deadlines.

The Accord Implementation Group’s Operational Risk subgroup (AIG-OR) has established three informal working groups to explore the challenges around corporate governance, data issues and quantification/ modelling, said Nicholas Le Pan, chairman of the parent AIG, speaking at a New York conference in early February. The groups were created at the AIG-OR’s first meeting in December 2004 and held their first formal gatherings at the AIG-OR’s second meeting in mid-February. The corporate governance

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