Cebs responds to critics with new op risk paper

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LONDON – A second consultation paper from the Committee of European Banking Supervisors (Cebs) has assuaged critics of the first draft, who see it as a “substantial revision” and an “improvement on the previous paper”.

Cebs’ revised set of draft guidelines on the management of operational risk in market-related activities was issued at the end of June in response to vociferous feedback from the industry to the original paper published earlier in the year.

At a public hearing at Cebs’ London offi