Rating agencies open can of worms

NEW YORK — Rating agencies are coming under much closer scrutiny as providers of operational risk analysis, as a result of the Basel Accord revisions and recent US corporate scandals.

Moody’s, the New York-based ratings agency, tried to get a jump on the competition by producing a highly detailed 12-page analytical framework for operational risk management at banks in January. But the agency seems to have opened up a can of worms through the publication of this report.

"What we have presented here is the rating agency’s intentions," says Giles Bryan, director of strategic consulting at GFT, a UK-based financial technology firm. "Over time, operational risk will become a

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