FSA outlines four main issues for Basel II implementation

According to Elderfield, firms will need to be prepared to be questioned on what the FSA considers are the key issues of Basel II implementation. These issues will focus on use tests, senior management understanding and governance, stress testing and downturn loss given default (LGD). Elderfield said the FSA will want to know, “Are the models being used to manage portfolios? Is the board involved in challenging the models? The FSA will want to see evidence of it.”

Firms will also have to prove

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