Operational risk
The UK revamp: What will get lost in the shuffle?
A new fraud-fighting body is being created as part of the UK government’s shake-up of financial regulation. Some welcome the proposed Economic Crime Agency, saying its integrated approach is just what is needed. Others worry valuable aspects of the old…
Outsourcing poses two-way operational risks for firms and service providers
First-time outsourcers might have overlooked or underestimated operational risks involved
Data and systems top concern for op risk managers, says survey
Survey responses from more than 50 op risk managers suggest data and systems management is the leading concern, rather than adopting an enterprise risk management framework, which was flagged as the top issue in last year's poll
Australian superannuation funds holding operational risk reserves
An Australian study by Mercer says 75% of super funds hold op risk reserves
Dodd-Frank prop desk carve-out creates restructuring risks
Intellectual property and internal talent could get caught up in bank prop desk divorce
Selvaggi leaves Oric for Qatar Financial Centre
Oric head leaves London for a role at the Qatar Financial Centre Regulatory Authority
Data deluge increases info management risk
A study suggests the retention of unnecessary information is creating overflows and increased risks at many businesses
MAS ups DBS's op risk capital number
DBS censured by Singapore regulator for IT outage, required to hold more op risk capital
RBS Group fined £5.6m for sanctions control failings
UK regulator issues large fine after banks fail to implement monitoring systems
Penny Cagan leaves Algo First for Citi
In a surprise move, First database founder Penny Cagan departs Algorithmics.
FSA revised pay code ‘tightens the screws’ on remuneration
New UK bonus rules are widened to cover thousands more investment firms
Brazil poised for real change on Basel II
Brazil is justifiably proud of the progress it had made in the implementation of Basel II, due for completion in 2013. However, a sudden increase in lending is raising a host of data issues and diverting management’s attention away from operational risk
New chairman and board for ORX
Mignola new chair of Operational Risk data eXchange
UK FSA sees further departures
Chief operating officer resigns
Central clearing a tricky fix for over-the-counter derivatives
Central clearing might solve some of the problems with over-the-counter derivatives, but it is by no means a straightforward solution, and could raise some additional problems
OpRisk Europe: The slow drive for change
Speakers at OpRisk Europe agreed that, while change in op risk legislation and capital calculation is necessary, it needs to be undertaken slowly and carefully
ANZ's Page: The op risk manager is the goalkeeper
Chris Page, group head of risk management at ANZ, sees his role as “guardian of the balance sheet” as first and foremost, but is also aware that sometimes he needs to stand his ground on risk issues, as he might be the last man standing between the bank…
Banker bonuses cut by EU amendments to CRD...
...and US issues supervisory guidance
Basel’s buffers won’t apply to op risk calculation
Basel Committee proposes capital buffer to be tied to macroeconomic indicators
Dodd-Frank Act signed but uncertainty remains
New legislation means more study and rule-makings needed, creating operational risks for banks
Cebs responds to critics with new op risk paper
Committee issues second consultation paper to address concerns over level of detail in op risk guidelines on market-related activities
Sigor assesses QIS data but capital rule changes will wait
Basel Committee considers recalibrating the simpler approaches to op risk measurement but says changes will happen later rather than sooner
Banks face suit from US fund over mis-sold subprime loans
Fifteen banks accused of mis-selling mortgage-backed securities