Article written by Simon Asplen-Taylor, Head of Banking and Capital Markets Advisory and Consulting team, IMGROUP in Global Banking and Finance Review

The demise of Lehman Brothers and Northern rock exposed a severe need for the accounts of financial services firms to be seriously and closely scrutinised. In response to this, the EBA is proposing two new reporting frameworks – FINREP and COREP – designed to improve risk identification and management for cross border institutions, and facilitate peer reviews.

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