May - Banks’ operational risk lapse exposed

No official advice addresses the issue, which can mean banks’ trading groups have ultimate veto on risk managers’ selection of independent data or risk systems to mark traders’ options books to market. But, said David Koenig, chair of the board of directors at the Professional Risk Managers’ International Association: "Risk management -- for the oversight function at least -- should be funded independently."

Koenig said some institutions had brought budgets for risk management within the remit of

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