FSA study shows wide gap in firms' op risk frameworks

The project, Building a framework for operational risk management: the FSA’s observations, was launched in April 2002. FSA officials visited some 22 firms, two-thirds of which were either banks or deposit-takers, in order to obtain a better understanding of current operational risk practices, according to an FSA official.

"This is all very new, and even the stuff in Basel is very fluid," says the official. "Preparing for it all is quite difficult if you don’t have some sort of idea as to what the

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