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Building a framework for operational risk management: the FSAs observations

The FSA published this document in July 2003, as they prepared to implement CP142, the consultation paper on operational risk systems and controls. The documument is the result of discussions the FSA held with 22 firms actively developing risk management systems for operational risk. It describes instances of good practice, and discusses the progress that has been made so far. The main conclusion is that although considerable progress has been made, the industry is still at an early stage of developing operational risk frameworks. The report is available at