Operational risk
WHAT IS THIS? Operational risks are those arising from people, processes and systems – the biggest form of exposure for many industries, but one that was neglected by financial firms until the collapse of Barings Bank in 1995. It was added to the Basel capital framework in 2004, but attempts to model operational risk were dealt a heavy blow by the huge, unforeseen losses suffered by banks in the aftermath of the financial crisis.
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Wall Street trading software not adequately tested, experts warn
Recent glitches highlight aggressive culture on Wall Street
Depositories ponder size of capital requirements for AIFMD liability
Capital punishment
SEC: critical business continuity tests lacking in run-up to Sandy
Investment advisers accused of lack of preparation in face of Sandy
Federal regulation may increase compliance burden, head of op risk warns
US insurers dealing with potentially heavier load from federal regulation and the Orsa
UK fraud down slightly as trends reverse
UK fraud down slightly as trends reverse
Still no end in sight for US banks' parallel run
Overtaken by events
Banks still battling with sales-driven culture, survey finds
Latest EY risk management survey finds risk culture questions remain
Former SAC portfolio manager charged with insider trading
Further charges relating to insider trading at hedge fund SAC
FCA AML report raises concerns about money service business going underground
UK regulator's first annual AML report highlights risks of closing certain banking services
Hedge fund compliance to 'ratchet up' after SAC indictment for insider trading
Managers look internally after fellow fund indicted on insider trading charges
Paloma’s Sussman forecasts growth for hedge fund industry
Promise to deliver
Fatca delay blamed on push for IGA
FFIs dealing with yet another delay in Fatca
ID theft leads rise in US suspicious activity figures
Suspicious activity data
Op risk models provoke concern at conference: video
Highlights from this year's OpRisk Europe conference
SEC needs to communicate better with whistleblowers, expert warns
Poor communication with whistleblowers could discourage people from coming forward, say legal experts
CFTC charges Corzine for MF Global collapse
Former chief executive charged alongside broking firm itself
Gillette leaves SEC after 27 years
Head of Chicago regional office set to join law firm
Retail account switching carries business risk, expert warns
Complying with new account-switching rules not enough without consideration of business risk
Quants tackle hedge fund operational risk
Quantifying operational risk