FSA/CEBS co-ordination under fire

COVER STORY

Op risk executives were particularly frustrated by CEBS' publication of Guidelines on the implementation, validation and assessment of advanced measurement (AMA) and internal ratings (IRB) based approaches. The paper – which came out on July 11 – aims to lay out a "common understanding among European supervisory authorities of the procedures to be used in processing, assessing, and making decisions on the application of an institution to use" the advanced approaches. It also sets out guidance

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