Regulators highlight the challenges of establishing internal credit ratings

Banks need to ensure they have the infrastructure, including data and systems as well as experts, such as quants, system designers and program directors, before creating an internal credit rating system, said Michael Ainley, head of the international firms department at the UK's Financial Services Authority.

Banks also need to establish a system of checks and balances to ensure ratings are accurate and establish accountability, added Barbara Grunkemeyer, deputy comptroller for credit risk at the

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