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| For further information contact: | |
| British Bankers' Association - Simon Wills (44 171 216 8841) or John Thirlwell (44 171 216 8862) | |
| ISDA - Susan Hinko (1 212)332-1200 or Milton Bellis,(1 212)332-1202 | |
| Robert Morris Associates - Nick Hayes (1 215-446-4080) or Charlie Huntington (1 215-446-4068) | |
| PricewaterhouseCoopers - Mike Haubenstock (212-596-7862) | |
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BBA, ISDA, AND RMA ANNOUNCE GLOBAL OPERATIONAL RISK RESEARCH STUDY The British Bankers' Association (BBA), the International Swaps and Derivatives Association (ISDA) and Robert Morris Associates (RMA) are jointly undertaking a major new study of operational risk management practices within the financial services industry. The study is being sponsored by 12 member banks of the respective trade groups, and PricewaterhouseCoopers has been appointed as the project consultant. The new research, based upon extensive survey and interview data, is intended to deliver the most in-depth assessment to date of current and developing operational risk management practices. The project will review how banks are approaching the management of operational risk, what problems they are experiencing, what lessons they have learned and how they are likely to move forward. Five major areas of development will be covered:
The project commenced in February 1999 and it is planned that full results will be made public in November 1999. The research results should not only assist in the development of industry operational risk management practices, but also provide insight into future debate on regulatory policy. A statement from Tim Sweeney, director general of BBA, Richard Grove, executive director and CEO of ISDA and Allen Sanborn, president and CEO of RMA, said: "We anticipate that this study of existing operational risk management practices will be instrumental in educating industry participants and regulators globally. It will provide an excellent foundation for enhancing internal risk management policies and procedures." The sponsoring banks are:
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