UK's FSA publishes modelling paper
LONDON - The UK Financial Services Authority (FSA) published its second occasional paper on operational risk modelling issues in late May. This paper set out the FSA's views on some of the issues that firms face when modelling operational risk under Pillar I or Pillar II of the Basel Accord. It focuses on three areas: simulation techniques; portability of conclusions; and use of off-the-shelf models.
The paper categorically states that neither the FSA nor any other regulator has pre-approved any
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