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.
FSA flexing its muscles with RDR letter, observers say
A "Dear CEO" letter from the FSA on RDR is seen as a harbinger of its new interventionist stance
G-Sibs facing ‘a tall order’ in meeting 2016 data deadline, UK regulator warns
The FSA’s Gerald Sampson says large, complex banks may struggle to meet a 2016 deadline for risk data aggregation and reporting standards
Libor governance to be put out to tender
The FSA confirmed today that the BBA will be stripped of its Libor powers
RDR guidance causing confusion, experts say
FSA guidance notes on the RDR need clarifying, industry experts warn
Libor in need of ‘massive makeover’, CFTC’s Chilton says
CFTC's Chilton says a complete overhaul of Libor is needed - including distancing it from the BBA
Fatca IGAs causing concern in US
Wake-up call
Out of the ashes: Portigon’s rise from WestLB
Out of the ashes
Knight Capital creates CRO role after $440 million losses
Following losses because of a rogue algorithm, Knight Capital creates new roles
Pfeifer changes role at Commerzbank
Former head of op risk switches to project management role
Portigon abandons AMA for op risk capital calculation
Portigon – the entity that emerged from the break-up of WestLB – moves away from the AMA for op risk calculation after forced restructure
Bank incentives called into question over mis-selling
Mis-selling in banks requires a cultural shift, chief executive says in response to FSA report
OpRisk Benchmarking Survey 2012
A survey carried out by Operational Risk & Regulation suggests operational risk is high on the agenda of senior bank executives, but perhaps not as deeply embedded in the organisation as they or their regulators might like. Rob Mannix reports
Op risk function plays large part in new business approval, says survey
Operational risk managers are heavily involved in new business and change management, but play a less conspicuous role in the front office, according to an Operational Risk & Regulation survey
Standard Chartered case highlights reach of US rules, experts say
Accusations that UK bank hid Iranian transactions are latest example of US authorities exporting compliance obligations
Technology: Cloud on the horizon?
Cloud on the horizon?
Standard Chartered case highlights reach of US rules, experts say
Accusations that UK bank hid Iranian transactions are latest example of US authorities exporting compliance obligations
Fatca reciprocity agreement may cause delays, experts warn
US firms expected to push back on Fatca quid pro quo
Germany may ditch Fatca if reciprocity agreement not honoured, experts warn
Germany may back away from Fatca if the US is not able to honour an agreement to reciprocate, market participants say
Lack of uptake hinders AMA development in UK
Abandoning the AMA?
A model future (part II)
A model future (part II)
CFTC's Chilton: accept Volcker rule or get out of the way
Chilton warns banks to either co-operate with regulators on the Volcker rule or get out of its way, as it is definitely happening
OpRisk Europe 2012: Video
Highlights of the keynote speeches and discussions from this year's London conference