OpRisk North America: Regulatory bloat is a distraction, panel says
Vast quantities of new regulations are swamping banks' ability to deal with the real sources of risk, conference hears
Speakers at the OpRisk North America conference in New York this week warned that regulatory pressure may be distracting operational risk managers from the true causes of risk. In a panel debate on embedding operational risk in the front office, Thomas McGahey, operations risk manager, wealth, retail brokerage and retirement at Wells Fargo, said the challenges banks are facing from regulators may not be realistic.
"The regulators are providing some phenomenal challenges for the financial
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