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Building a framework for operational risk management

Building a framework for operational risk management

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The FSA reports on the progress and issues encountered by the UK banking industry in implementing systems for measuring and managing operational risk.

The paper outlines the outcome of discussions held by the UK regulator with 22 firms actively developing risk management systems for operational risk. The review team selected firms who were considered to have made significant progress in meeting best practice standards with a view to discovering how they were developing both the governance structures and the tools used to identify, assess and monitor operational risk.
The review was undertaken both to provide feedback to industry on the preparations being made and to inform the FSA's own approach and enhance its knowledge.
The paper will be of particular interest to managers responsible for developing and implementing oeprational risk systems and controls in firms.

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