Great expectations
Risk-based regulation provided regulators with a rational approach to supervising firms without stifling business. It seemed the ideal solution, especially when most firms adopted similar risk-based strategies to deal with complex compliance matters. So how did it all go wrong? asks Deepa Govindarajan
Risk-based regulation has been the top mantra, both for UK financial firms and their regulator in the recent past. The term 'risk-based approach' has been used to describe, very simply, the age-old conundrum - how does one prioritise scarce resources against the myriad of deliverables requiring regulatory attention? Risk-based regulation enabled financial regulators to assign these resources
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