Tag: risk management
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 […]
Proposals for regulations in shadow banking and new standards for multi-listed securities
FSB proposals on shadow banking The Financial Stability Board (FSB) has published proposals to strengthen the oversight and regulation of shadow banking. The proposals follow on from the 2011 G20 summit in Cannes at which the G20 leaders agreed to take steps to mitigate the risks posed by “that part of the financial system that […]
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 […]
The risks involved in securities settlement and custodial services
Court verdict on Wells Fargo’s securities lending programme A federal court jury in Minnesota has rejected an $8.2m claim by Blue Cross Blue Shield of Minnesota and other institutional investors that Wells Fargo & Co misrepresented a securities lending programme as safe. Under the program, Wells Fargo held its clients’ securities in custodial accounts and […]
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 […]
Corporate Governance practices in the UAE
In 2007, the Securities and Commodities Authority (SCA) issued the Corporate Governance Code expanding the governance rules and regulations to any company, domestic or foreign, whose shares are listed on UAE stock exchanges. Two years later, the Minister of Economy issued a resolution (No 518) amending SCA’s code and providing a more comprehensive set of corporate governance […]