UK says op risk paper will prepare firms for Basel II
London – Financial firms complying with the operational risk policy outlined today by UK financial regulators should be well prepared for the systems and controls needed under the Basel II bank accord and parallel European Union (EU) rules.
But the paper says it’s impossible to predict the costs for UK-based firms of implementing the Basel II and EU op risk proposals with any degree of accuracy at this stage. The paper therefore makes no attempt to estimate the costs.
The risk-based Basel II capital adequacy accord will determine from
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