Operational risk technology spending is at a low, says Giles Bryan of GFT. But there is technology that financial firms should not ignore

Former currency trader John Rusnak was sentenced to 7-1/2 years in prison in January for hiding over $690 million in losses at Allied Irish Banks.

The leading credit rating agencies have been more influential than financial regulators in bringing operational risk to the fore, by making op risk a key part of the assessment of a financial firm\'s credit-worthiness.

MUMBAI - Indian banks are likely to experience some overall reduction in capital ratios when the new, risk-based Basel capital accord is implemented there from March 31, 2007.

LIMA - It will take a few more years for Peruvian banks to move fully on to the new, risk-based Basel capital accord than it will for banks in the larger and more sophisticated markets of Latin America, such as Chile and Mexico.

BARCELONA - The world\'s top banking regulator is highly satisfied with the progress of work on the treatment of double default and trading book exposures under the complex Basel II upgrade of international bank safety rules.

BASEL, Switzerland - The international body for insurance regulators plans to issue a draft consultation paper by the end of this year on the controversial practice of finite risk reinsurance.

LUSAKA - New international accounting rules are expected to play a critical role in the risk-based supervision of financial firms in Zambia, the head of the country\'s central bank said in mid-February.

WELLINGTON - New Zealand regulators bowed perhaps to the inevitable as Global Risk Regulator went to press and said they would allow advanced approaches to credit and operational risk measurement in the implementation of Basel II in New Zealand.

BASEL, Switzerland - Financial firms taking part in the credit risk transfer (CRT) market need to continue developing their risk management skills, while their supervisors need improve their understanding of the issues, says a report issued in March by the Joint Forum of banking, insurance and securities market regulators.