2006: a year of deadlines and worry
GLOBAL – Operational risk and compliance executives are facing a 2006 full of uncertainty, say industry sources. With many key deadlines in 2007, firms are facing stiff implementation challenges, but essential details of many initiatives remain on the regulatory or legislative drawing board.
The most obvious challenge is op risk implementation. Firms in many jurisdictions will focus on putting AMA documentation in place for supervisors. Yet for most EU countries, domestic op risk regulations are still in the consultative phase. For example, the UK's Financial Services Authority issued two papers – one on internal loss data issues by the Operational Risk Corporate Governance Expert group in the UK and another on data integrity and validation issues by the AMA Quantitative Expert
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