Reduce regulatory overlap, say US firms
WASHINGTON, DC – The regulatory guidance on compliance with several operational risk requirements is inefficient, and needs to be streamlined to reduce operational and financial burdens suffered by US financial institutions, according to the Financial Services Roundtable (FSR), a consortium of America’s 100 largest financial institutions.
In a report, Reconciliation of Regulatory Overlap for the Management and Supervision of Operational Risk in U.S. Financial Institutions, conducted by the FSR’s Operational Risk Working Group and KPMG, the FSR says redundancy exists among the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), the Gramm-Leach-Bliley Act of 1999 (GLBA), the Sarbanes-Oxley Act of 2002 (SOX) and the US proposed Inter-Agency Operational Risk Supervisory Guidance on the Advanced Measurement
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