HK's Choi on Basel II's risk management challenges
Y.K. Choi, the deputy chief executive responsible for banking at the Hong Kong Monetary Authority, spelt out the risk management challenges facing the Asian finance industry in preparing for Basel II.
Speaking on Wednesday, Choi said banks needed not only to use more sophisticated quantitative tools, but also to make "corresponding advances in banks' risk management practices, culture, internal control and corporate governance." This, he said, was the "underlying and overarching principle" of
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