The UK's Financial Services Authority announced at the September meeting of the Operational Risk Standing Group (ORSG) that it would be delaying, until further notice, the implementation of the Prudential Sourcebook text for 'systems and controls'.
Stung by market timing and late-trading scandals, US mutual funds such as Putnam are scrambling to shore up their battered reputations. But the fallout may be far from over.
Compliance with Basel II is only the first step in the management of operational risk in financial institutions, according to Fitch Ratings, an international rating agency.
The lack of a common agreement on the definition of operational risk by regulators will cause serious problems for global financial institutions, said Joanna Benjamin, a consultant to law firm Clifford Chance, at a late-November seminar at the firm's...
Reputational risk is now the biggest single risk financial institutions face, according to professional services firm PricewaterhouseCoopers (PwC).
Regulators look to the strength of a firm's compliance system when deciding how aggressively to pursue it for rule violations, according to Rodgin Cohen, chairman of law firm Sullivan & Cromwell.
The Basel Committee on Banking Supervision still has a great deal of work to do before the Basel II capital accord can be successfully implemented at financial institutions, Jacques Pézier, director of the risk management group of the ISMA Centre at...