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.
Banks face heavy burden from sanctions in the Middle East
Sanctions side-effects
Supervision not regulation, says SEB's Hansen
Rather than rushing to increase regulation and potentially creating compliance costs and regulatory risks, authorities should be getting involved at the ground level to improve supervision, says Lars Hansen, Swedish insurer SEB Life’s chief risk officer
The challenges of Fatca implementation
Discussing the details of implementing and complying with the US Foreign Account Tax Compliance Act.
Chinese banks will avoid Fatca, observers warn
Banks in China will find ways to avoid complying with Fatca, according to industry experts and observers
Leaked EU data privacy laws cause conflict with Fatca
Industry experts warn stricter EU data privacy laws might have implications for Fatca
Dealing with Dodd-Frank: an operational response for non-US banks
Joining the dots
Cyber Security Strategy needs regulatory backing, expert says
UK government's Cyber Security Strategy release needs regulatory backing, according to one industry expert
Tough Middle East sanctions put AML under spotlight
Banks' anti-money-laundering processes will come under scrutiny in the face of tougher sanctions in the Middle East
Marsh CRO: takeovers, outsourcing and technology are top op risks
On top of the ops
Fraud and Financial Crime special report 2011
Cause for continued concern
Adoboli given extra month to respond to 'rogue trading' charges
Ex-UBS trader Adoboli's plea hearing has been adjourned until December
SEC whistleblowing project pulls in seven tips a day
Foreign tips about financial crime unexpectedly common, ex-regulator says
UK fraud whistleblowers need bounties, lawyers say
Legal experts have called for Dodd-Frank-style bounty provision for whistleblowers in the UK
Risk and compliance hiring in the Middle East is strengthening, say recruiters
Regulatory pressure and recognition of the importance of risk and compliance at firms is driving recruitment of executives from around the world into the Middle East
Hedge fund managers charged in connection with multi-billion dollar Ponzi scheme
Two hedge fund managers have been charged by the SEC with facilitating a multi-billion dollar Ponzi scheme
ORX completes first stage of scenario library programme
The Operational Riskdata Exchange says benchmarking is the next step in its effort to help operational risk managers improve their use of scenarios
Gordon appointed as head of risk management at RBNZ
New Zealand's central bank RBNZ appoints new head of risk management and assurance
Zurich CRO warns of 'complacency about pandemic threat'
The financial industry must give more consideration to pandemic risk, says Scott
Interview: AXA’s op risk head on the group’s risk reforms
More than capital
UK FSA 'lacks interest' in dialogue with industry over FCA
Industry insiders have warned a UK Treasury Select Committee hearing that the FSA has shown a distinct lack of interest in dialogue over the FCA