A call for common sense
I'M SITTING HERE in London on a Thursday afternoon, listening to the sirens outside the window. Because it's Thursday, everyone tenses – ever so slightly – when one wails by. We've had bomb attacks on public transport on two previous Thursdays in July, so this is hardly surprising.
The British, of course, have been here before. Terrorist bombs have been going off in London since the 1970s. And so have we – the Risk Waters Group, which Incisive Media acquired two years ago, lost members of staff at the top of the World Trade Center on September 11, 2001.
Responding to these events is tricky. On one hand, people want to get on with their lives – the Brits are particularly good at this. On the other, many want to invest large sums in both belts and braces to prevent a repetition – an approach that many US firms have taken.
As an American expat, I'd like to take a mid-Atlantic view on business continuity planning. Such acts of terrorism are meant to disrupt. As a result, it seems to me that financial services firms – whose existence affects so many people – have a moral obligation to minimise disruption. But individuals also have an obligation to conduct their lives without 'fear' being a primary, or even a secondary, motivator.
Clarity of purpose and common sense – they are powerful weapons.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
Market doesn’t share FSB concerns over basis trade
Industry warns tougher haircut regulation could restrict market capacity as debt issuance rises
CGB repo clearing is coming to Hong Kong … but not yet
Market wants at least five years to build infrastructure before regulators consider mandate
Rethinking model validation for GenAI governance
A US model risk leader outlines how banks can recalibrate existing supervisory standards
FCMs warn of regulatory gaps in crypto clearing
CFTC request for comment uncovers concerns over customer protection and unchecked advertising
UK clearing houses face tougher capital regime than EU peers
Ice resists BoE plan to move second skin in the game higher up capital stack, but members approve
The changing shape of variation margin collateral
Financial firms are open to using a wider variety of collateral when posting VM on uncleared derivatives, but concerns are slowing efforts to use more non-cash alternatives
Repo clearing: expanding access, boosting resilience
Michel Semaan, head of RepoClear at LSEG, discusses evolving requirements in repo clearing
The state of IMA: great expectations meet reality
Latest trading book rules overhaul internal models approach, but most banks are opting out. Two risk experts explore why