UK FSA’s new standardised approach paper not just for TSA firms

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The UK Financial Services Authority (FSA) has published the long-awaited paper, Enhancing frameworks in the standardised approach (TSA) to operational risk. The guidance is a compendium of papers that covers three areas pertaining to operational risk management: governance and risk management structures; risk identification, measurement, monitoring and reporting; and the use test. Two further papers are to come on operational risk policy, and documentation and quantitative requirements.

The FSA

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