Crackdown on risk budgets: Trader sign-off on revaluing data must end, says industry body
NEW YORK - The Professional Risk Managers' International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other business lines.
"Risk management - for the oversight function at least - should be funded independently," David Koenig, chair of the board of directors at Prmia, told FX Week. "Budgets should be set at executive level, not at business-line level."
Koenig said that some institutions had
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