On 27th July 2018, the PRA issued its proposals to revise the credit risk definition of default (DoD). These proposals could have implications both in terms of operational costs and, more importantly, potential additional capital requirements for firms. Our team has analysed these proposals and prepared a new blog post in response which I would invite you to read. 
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The challenge for firms is to complete the jigsaw by mapping out the requirements, timelines and impact on individual credit risk components and to avoid multiple cycles of extended implementation effort and significant cost.
