UK's FSA reforms ORIAG as ORSG

ORIAG produced a well-regarded paper on operational risk in January 2003, but met only sporadically afterwards, with the last formal meeting minutes posted for July 2003.

According to sources, there was disagreement over what tasks an industry consultation group should now take on. The FSA has decided that the ORSG will focus its energies on "issues regarding the practical implementation and monitoring of compliance with operational risk policy," as outlined in the Prudential sourcebook and in

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