Basel Committee finds banks’ op risk frameworks lacking
Review identifies shortcomings at systemic banks
Banks have failed to adequately implement principles for sound management of operational risk, according to a review published yesterday by the Basel Committee on Banking Supervision (BCBS).
The review assessed 60 systemically important banks across 20 jurisdictions against their implementation of the BCBS's Principles for the Sound Management of Operational Risk. Banks were asked to assess their own op risk frameworks on the basis of a questionnaire prepared by the Basel Committee.
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