Cost of op risk failings rising
Outlook: fines
The cost of operational risk failures has gone up. The £17.5 million fine for Goldman Sachs by the UK Financial Services Authority for what is essentially a reporting failure demonstrates the significant inflation on penalties and censures being imposed by regulators. And it’s not confined to the UK. The US Securities and Exchange Commission has traditionally been viewed as the world’s most punishing regulator, quick to hand out fines, but it too has steadily been increasing the cost of censures
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