Canadian banks struggle with “legacy” systems
Comments due by June 23
The Office of the Superintendent of Financial Institutions has published its criteria for banks that use the standardized approach to operational risk under the new Basel capital rules.Under the new Basel framework, an institution wishing to implement the “standardized approach” to operational risk must meet certain qualifying criteria to the satisfaction of its national supervisor […]
OSFI encourages banks to review paper
No change to Canadian implementation date
Roll out put off until 2008
North American banks still lag European counterparts
Complexity an attempt to deal with increasingly sophisticated products