Banks rush to protect op risk process
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The practice has met with a mixed reception. Some op risk managers note that if firms patent many of the implementation features surrounding Basel II – such as self-assessment or key risk indicator frameworks – financial institutions could wind up paying vast sums in licence fees to other banks or technology firms for basic 'best practice' techniques they require to run their business and be compliant with banking regulations.
One of the most aggressive firms is Citigroup, which holds more than
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