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Summary (partial) "Firms must establish, implement and action a robust and effective stress testing programme that assesses their ability to meet capital and liquidity requirements in stressed conditions, as stress testing is a key component of firms' effective risk management. In order to meet the FSA's requirements, stress testing has to be undertaken properly using a comprehensive programme, that is supported by a robust infrastructure and governance framework driven by senior management of the firm. In recent years, the FSA and other regulatory authorities have set out expectations of good practice in stress testing. Here we remind firms of our expectations and key messages of good practice relating to stress and scenario testing, which we expect firms to have embedded in their organisations. We also illustrate ways in which firms can comply with our rules."

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