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Published byMark Fields Modified over 9 years ago
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Operational Risk for Asset Managers Introduction Bruce Offergelt
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Basel Definition “The risk of loss from inadequate or failed internal processes, people and systems or from external events”
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FSA Rules Qualitative guidance -Senior Management Arrangements, Systems and Controls (SYSC) -Integrated Prudential Sourcebook (PRU) Quantitative requirement - prudential capital adequacy requirements to be finalised
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Qualitative Policy Timetable Feedback on CP142 issued March 2003 Near-Final Handbook Text later 2003 Implementation 2004 (12 months later)
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Capital Adequacy Framework Risk Based Income used as proxy for Operational Risk Capital Requirement = Income x Risk Calibration Factor 3 approaches Basic Indicator Standardised Advanced Management Approach (AMA)
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Quantitative Timetable Basel CP3May 2003 EU CAD3June 2003 FSA CP on ImplementationJuly 2003 AccordOct 2003 Draft PSB TextMid 2004 ImplementationEnd 2006
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Issues Criteria Calibration Factors Future role of EBR Incentivisation Partial Use Role of Insurance
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Next Steps Publication of CP3 and EU CAD3 Data collection for asset managers
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