Op risk still at an early stage, says FSA

However, while there are many areas that still require attention, firms have made significant progress in developing practices to manage operational risk, the FSA said. This is partly driven by an increased emphasis on senior management accountability and regulatory process, the regulator said, adding that some firms have taken a 'wait and see' approach because of a lack of knowledge over what good practice might constitute and uncertainties over regulatory requirements.

“Operational risk