As you will hear in more detail later this morning, twenty-seven institutions participated in these exercises; and it appears that, based on our preliminary analysis of the submissions, significant progress has been made in the collection of operational-risk data and the quantification of operational risk.
In such a situation, we want to facilitate an orderly recovery or resolution so as to minimise potential disruptions to the financial system. While the focus will be on systemically important FMIs, the proposed framework will help us monitor emerging risks in the broader industry. This would not be an “all-or-nothing” oversight regime.