FSA officially scraps op risk systems and controls

The FSA let members of its Operational Risk Standing Group know of its plans at its September meeting, but it had not officially announced its plans. As a result, banks and asset management firms were left in a state of limbo for several days while they awaited confirmation of the change. The FSA published a letter to firms on September 15, two days after BaselAlert.com and Operational Risk broke the news. (To view this story click here.)

Now, according to the FSA letter, the ‘Systems and

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