The details of an Obama Administration financial reform bill are still being ironed out. But Wall Street operations executives are taking notice of one core element—a proposal to create a systematic risk regulator.

"Such an initiative will mean that firms need a greater transparency into their decision-making process and an enterprisewide view of their risk," one operations executive at a Wall Street bulge bracket firm told Securities Industry News last week. "Firms will need to understand the decision-making process and have a solid audit trail."

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