Basel Committee forms validation subgroup

"The validation subgroup has already begun exploring a range of issues related to validation, and this update will describe the scope of their work plan. Validation is thus a fundamental aspect of the internal ratings-based (IRB) approach," said a statement released in January by the Basel Committee.

This is a response to several complaints from internationally active banks that have said that the lack of a common definition of 'validation' in different countries presented potential for

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