Basel Committee forms validation subgroup
The Basel II Accord Implementation Group (AIG) has established a subgroup to examine issues related to validation. The subgroup is chaired by Lorey Hoffman of the Canadian Office of the Superintendent of Financial Institutions, and consists of both Basel Committee member countries and non-G10 countries.
"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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