In Global Policy, Daniel Cash argues that financial regulation is increasingly focused not on whether credit ratings are ultimately "correct," but on whether the processes used to produce them are transparent, robust and trustworthy. Using the recent review of credit rating agencies by the UK's Financial Conduct Authority as a case study, he contends that regulators are shifting toward oversight of institutional judgement under conditions of uncertainty. The article suggests this has broader implications for financial governance, emphasizing accountability, methodology, internal controls and decision-making processes rather than simply measuring predictive accuracy.
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