FSA is consulting on draft guidance aimed at helping banks, building societies and investment firms that use the standardised approach to operational risk. The guidance suggests how operational risk management functions in firms can ensure documentation meets the “use test”. The guidance is not prescriptive and suggests how firms should document key policies, and how documents should be managed and controlled. FSA asks for comments by 10 August. (Source: Guidance Consultation: Enhancing Frameworks in the Standardised Approach to Operational Risk)