Op risk has reached a ‘Y’ in the road, says FDIC supervisor
Some firms have lost focus on op risk, claims Seivold
Operational risk has reached a crossroads, according to Alfred Seivold, senior examiner at the Federal Deposit Insurance Corporation, speaking at the second annual OpRisk Asia conference in Singapore, yesterday.
Seivold said the discipline has lost some of its direction, but that the lack of prescriptiveness around op risk rules by regulators is not the primary cause of this. He pointed out that firms had initially asked for a wide latitude in developing their operational risk frameworks, and
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