KPMG study shows a long way to go for op risk implementation
London -- A new study by consulting firm KPMG shows that although 90% of respondents have started a Basel II project, about 50% are still in the pre-study/ assessment phase, and less than 10% have begun implementing their op risk framework, although this varies by region (see figure 1). Says Jane Leach, a partner at KPMG in London, who focuses on risk management and regulation: "Some are still way at the beginning of the project, and we are getting rapidly towards deadlines, and so there is concern about those that are falling behind."
This is the third time KPMG have conducted the survey. This year’s was sent out between October and November 2003, and 294 financial institutions representing 38 countries replied. About 68% of the respondents were from Europe, the Middle East and Africa (EMA), 11% from the Americas, and 21% from the Asia-Pacific region. About 51% described themselves as "internationally active."
The standardised
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