New report blames op risk failures for sub-prime meltdown

A new report indicates that the problems in the subprime market in the US stem from a core of operational risk issues as well as the more commonly cited credit risk issues. For the most part, public attention has been focused on products and credit risk. However, many loss events stem from insufficient operational risk processes, the report found. The greatest of these is weak underwriting standards that "often involve insufficient background checks, inadequate documentation and a failure to

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