Operational risk
Briefs
MEASUREMENT ADVANCES
'Fat finger syndrome' tackled
COMPLIANCE TOOLS
Tell it to the judge
MIFID
Mifid close to the end game
REGULATORY UPDATE
FinFront move into OpRisk
MEASUREMENT ADVANCES
Called to account
Japan auditing
A model of op risk with imperfect controls
Jorge Sobehart considers a model for the loss severity of operational risk events whose distribution is determined by risk control and risk mitigation. In particular, he shows that ineffective risk controls can lead to heavy-tailed distributions of…
Bonds and... bondage
When I lived in New York City – for most of my 20s – I remember a Thai dinner with a university friend who moaned about the demise of her most recent relationship. Her complaint, oddly enough, was not that her boyfriend had cheated on her. She was…
Still much to do
Basel II
PWC report finds that too much regulation is the biggest concern for firms
For the second year in a row, too much regulation is judged to be the greatest risk facing the financial sector, according to a survey sponsored by PricewaterhouseCoopers. According to the survey, “cost, diversion of management time and the sheer volume…
UK Treasury releases summary of responses to transposition guidelines of the CRD
The Treasury in the UK has published a summary of responses to its call for comments on the transposition of the capital requirements directive (CRD).
Convergence on credit
Spurred on by Solvency II, insurance companies are refining their approach to managing credit risk. As a result, some insurers' credit risk management methods are beginning to converge with those favoured by banks. By Rachel Wolcott
EC close to approving Mifid
The European Commission is expected to approve the technical measures of the Markets in Financial Instruments Directive (Mifid) in September. The announcement was made after the European Securities Committee’s (ESC) unanimous approval of the measures.
Solvency II – the progress so far
The 14 directives that make up the package that is Solvency I are comprehensively out of date in terms of capital adequacy and risk. Regulators began work on the new Solvency II framework in 2002, structured around a risk-based system that applies…
Aussies Rule
Australia is racing ahead with Basel II implementation compared with other nations. Peter Madigan asks how they have done it and whether the rest of the world can follow in their footsteps
Super or supergrass?
After the corporate scandals of 2002, new rules were established to ensure staff have the chance to report any wrongdoing. However, as Peter Madigan discovers, it may be that whistleblowing schemes are seen as a token gesture
SOX internal control costs decline
BOSTON – The cost of implementing the Section 404 internal control requirements of Sarbanes-Oxley (SOX) declined significantly in 2005, according to a study commissioned by the four largest accounting firms.
Mifid benefits for UK 'hard to grasp'
LONDON – The Financial Services Authority (FSA) has confirmed a final timetable for the implementation of the Markets in Financial Instruments Directive (Mifid) in the UK but has admitted that the cost of the new regime will be considerable and the…
Make UK the winner of Mifid race, say regulators
EU praises UK Mifid approach LONDON – The UK's approach to the implementation of the Markets in Financial Instruments directive was praised by an EU official at a mid-May Financial Services Authority conference in London.
European Parliament approves modified draft for Mifid
The European Parliament has voted in favour of the resolution of the Committee of Economic and Monetary Affairs that approves the most recent draft implementation measures for the Markets in Financial Instruments Directive (Mifid).
UK FSA publishes implementation bulletin for the CRD
The Financial Services Authority (FSA) in the UK has published issue three of its Capital Requirements Directive (CRD) implementation bulletin for investment firms, banks and building societies.
Risk 's Derivatives and Risk Management Summit Europe 2006: Regulators ‘must clarify MiFID' to prevent unfair competitive advantages arising
Financial institutions across the European Union’s 25 member states must lobby their individual regulators to ensure that jurisdictional interpretation and implementation of the Markets in Financial Instruments Directive (MiFID) next year does not…