Product suitability top concern for Asia op risk managers
The OpRisk Asia conference held in Hong Kong last month highlighted the key concerns for op risk managers in the region, with product suitability coming top of the list
The key issue for op risk managers in Asia, and Hong Kong specifically, remains product suitability. Following the Lehman Brothers minibond scandal, new rules put in place by regulators have severely tightened selling rules, which some say have gone too far.
"It takes a two-hour conversation just to sell a plain vanilla bond," says one source in Hong Kong. The Hong Kong Monetary Authority (HKMA)
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