State Street's Kenny: Leaving AMA parallel run just the start

Operational risk head calls for better benchmarking across industry

David Kenny
David Kenny, State Street

The Basel capital rules revolutionised the field of risk management, creating among other things the concept of 'operational risk' itself for the first time. But they fell well short of their more ambitious objectives. Most obviously, reaching the goal of pushing every major bank towards the advanced measurement approach (AMA), in order to match operational risk capital to the bank's exposure in as sophisticated a way as possible, proved to be a much longer and tougher process.

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