Industry fury over ‘systems & controls’
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One op risk manager believes that the "willingness of senior people within firms to take FSA deadlines seriously will be damaged".
Another observer says: "Some firms were a bit miffed by this – these people have created careers around getting their banks ready for op risk. Couldn’t they come under criticism from their bosses, from whom they have been demanding lots of resource so they can get ready, if it now looks like they were calling for more resource than was needed, given the outcome?"
Indu
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