Semantic antics

The line to get through the Federal Reserve Bank of Boston’s security system on the first morning of the Implementing advanced measurement approach operational risk management programmes conference wound around the foyer two and a half times before snaking out the front door and down the side of the building. Self-confessed op risk nerds, geeks and anoraks waited eagerly for the programme to kick off.

What followed was very special indeed – presentations on breakthroughs in op risk modelling, panel discussions on the practical realities of getting business lines to co-operate, and about as much frankness as the regulators could achieve, under the circumstances.

My favourite moment came at the end, when I asked if there was any news about the US Basel II timetable. No-one had asked so far, despite the fact that it was the one thing that everyone was dying to know.

Roger Cole, senior associate director at the Fed, attempted a humorous coyness, and said, "I think these efforts we have underway will be productive in an expeditious manner."

A mischievous Eric Rosengren, senior vice-president at the Federal Reserve Bank of Boston, shot back, "I think you’ve been taking lessons from chairman Greenspan".