UK says operational risk paper will prepare firms for Basel II


LONDON -- Financial firms complying with the operational risk policy outlined in July 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.

That is the view of the Financial Services Authority (FSA), the UK’s chief financial market watchdog, which issued a consultation paper on operational risk in late July for industry comment by October 31.

But the paper says it is impossible to predict the

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