Law, Probability and Risk 4 (4):237-250 (2005)
Powerful, technically complex international compliance regimes have developed recently in certain professions that deal with risk: banking (the Basel II regime), accountancy (IFRS) and the actuarial profession. The need to deal with major risks has acted as a strong driver of international co-operation to create enforceable international semilegal systems, as happened earlier in such ﬁelds as international health regulations. This regulation in technical ﬁelds contrasts with the failure of an international general-purpose political and legal regime to develop. We survey the new global regulatory systems in the actuarial, banking and accounting ﬁelds, with a view to showing how the need to deal reasonably with risk has resulted in an international de facto law solidly based on correct abstract principles of probability.
|Keywords||Risk Compliance regimes|
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