Fed orders banks to break open black boxes
Banks struggling to prise information out of vendors after Fed clamps down
The Federal Reserve Board is pushing banks to address a traditional blind spot by properly validating third-party risk models ahead of the 2015 edition of the annual US stress tests.
That is causing friction between banks and vendors, with banks complaining they are not being given the information they need – some fear they may end up using unvalidated models for the tests, which start in October this year.
A validation expert at one of the big Wall Street dealers says none of his firm's roughly
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com