FSA op risk thematic review finds room for improvement at BIA/TSA firms
LONDON – A thematic review of op risk practices at UK firms found several areas in need of improvement, but also some pockets of good practice.
The review, conducted by the UK Financial Services Authority between late 2006 and early 2007, assessed the op risk framework at 30 UK firms adopting the basic indicator approach (BIA) or standardised approach (TSA) to the EU Capital Requirements Directive (CRD).
Certain key issues stood out as areas of concern for the FSA, with much more work needed in
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