“Spotlight on a neglected aspect of Basel framework,” Global Risk Regulator

Mayra Rodriguez Valladares, managing principal at New York-based financial services consultancy MRV Associates, is unimpressed with Ingves’ remarks. She believes that op risk is being obscured by the Basel regulators’ continuing focus on leverage, liquidity, disparate risk-weighted assets, securitised products and over-thecounter (OTC) derivatives. That’s despite op risk, rather than credit risk, being at the root of the global crisis in her opinion.