Fitch highlights discrepancies in banks’ op risk processes
LONDON -- Rating agency Fitch published the results of a survey on operational risk management at financial institutions in April that showed firms are progressing with their implementation of op risk frameworks, but serious problems and questions remain.
The Fitch survey was based on responses from 42 banks, located in Australia, Canada, Europe, Japan, South Africa and the United States. About 75% of all banks surveyed said they will try to become eligible for the advanced measurement approach (AMA) for regulatory calculation purposes by the December 2006 implementation deadline. Most are sticking close to the Basel II definition of op risk
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