FSA op risk appetite paper focuses on communication challenges
LONDON – A new paper from the FSA's Operational Risk Appetite Expert Group has found that many firms are employing some form of operational risk appetite (ORA) framework, although the variance in approaches indicates that the best method for defining an ORA may differ from firm to firm. The FSA supports this, and suggests it shows the impact its more principles-based approach to regulation can have.
"We were very encouraged by the results of our research and learned a lot more about what was happening in practice," says Tony De Quintal, associate at the FSA. "We saw a wide variety of instances where the culture and business strategy of the firm was evident in their op risk management frameworks. The involvement of the board in the ORA process in the majority of firms was one of the positive
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