Category: Operational Risk Management
Technologies required to improve (ORM) Operational Risk Management
Thompson Reuters published an interesting report available on Risklibrary.net discussing the specific technologies required for firms to improve their ORM processes, including ORM platforms, policy and procedure management, regulatory change management, and real-time risk intelligence. Defining ORM scope Operational risk is defined as “the risk of loss resulting from inadequate or failed internal processes, people and […]
ERM – Enterprise Risk Management: Not a one-size fits all programme
Dan Baldwin from Leggett & Platt discusses the importance and complexity of managing ERM in an organisation. ERM – The Art and Science of Enterprise Risk Management (…) Risk is a big part of life and business. If you take no risks, you limit your potential for success. If you take too much risk, you may […]
When Operational Risk is a matter of judgement
Co-op in the spotlight The UK Treasury Select Committee is carrying out an enquiry into the collapse of the deal to sell 632 Lloyds Banking Group branches to the Co-op. Appearing before the committee Neville Richardson, the former Co-operative Bank Chief Executive, has given evidence which appears to be at odds with that given by […]
Strengthening AML regulations across the world
Money Laundering laws strengthened in Bahrain Money Laundering regulations in Bahrain have been strengthened following the signing of a Royal Decree by Sheikh Hamad bin Isa Al Khalifa. In an amendment to the Money Laundering and Counter Terrorism regulations, security services have been given extended powers to co-ordinate with other countries in cracking down on […]
Operational risk and regulation
Impact of Basel III and Dodd-Frank Act A survey conducted by Chartis Research has revealed that capital adequacy requirements linked to Basel III and the Dodd-Frank Act are expected to be leading sources of regulatory and operational risk management pressures in the immediate future. The survey which took opinions from financial organisations across the globe […]
As electronics become ever more sophisticated, financial institutions have to remain vigilant if they are to stay one step ahead of potential fraudsters. To this end the United Bank for Africa (UBA) has established a security operations centre (SOC) in Lagos. The centre, which is designed to cover electronic transactions in Nigeria and the 18 […]
FCA releases Anti Money Laundering report
The UK Financial Conduct Authority (FCA) has released its first annual report into Anti Money Laundering (AML). The report covers the FCA’s rights and responsibilities with respect to AML as well as looking at trends and emerging risks. Some sections of the report make disturbing reading from the perspective of financial institutions’ risk management. The […]
When Operational Risk becomes a way of life
In a timely reminder that we can never become complacent about the consequences of operational risk the UK’s Serious Fraud Office has announced that two brokers have been charged with conspiracy to defraud in connection with the rigging of LIBOR rates. The LIBOR story which has already seen some banks face hefty fines is a […]
EU policy makers are closer to agree on securities settlement rules
European policy makers are increasingly confident that regulations for Europe’s €800tn securities settlement market will be finalised and passed into law by the end of the year. The new rules governing region’s central securities depositories aim at creating better competition between national entities and cut cross-border settlement costs. The ECB is planning to make operational the Target2Securities (T2S), […]
The key steps in clearing and settlement of the securities trade
By Stanley Epstein We have all been concerned these past few years about the ongoing financial crisis which erupted so suddenly and devastatingly in the middle of 2008. Much concern has been expressed regarding maintaining financial stability. One of the many ways of doing this is by strengthening the financial infrastructure, both at a domestic […]