FSA risk review head finds lack of attention to op risk from senior managers

COVER STORY

Hilary said the FSA had found a few firms that were "effectively dovetailing their various assurance functions". For example, she said, some firms were blending their Sarbanes-Oxley and op risk programmes, and a couple of firms have even brought in "a dedicated, leading edge, total quality management programme".

"However, more often than not, we find operational risk at the periphery of risk management, even though quality of course is a good sign of risk, and a joint effort may be more cost