US Fed working on horizontal reviews of op risk issues
Although US regulators have not referred to the need to reform operational risk management regulation specifically, the Federal Reserve System has undertaken a series of horizontal reviews looking at op risk issues such as the Internal Capital Adequacy Assessment Process (Icaap), compliance risk and compensation. These are part of a broader programme of horizontal reviews looking at large, complex banking organisations (LCBOs).
The Fed is also working on a horizontal review of the commercial
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