It dealt with ‘model risk’, reviewed the standardised treatment for credit risk and finetuned the rules on securitizations. At the same time, completely new and stricter rules were adopted for market risks, and those for operational risks were simplified. Let me now list the main elements of this set of innovations. 1.
32 years ago, when I arrived on this great campus as a shy and confused F.U.E. student (as first year undergraduate students were then called), the sheer privilege of the opportunity was not lost on me.