The Risk Universe is a website and a monthly digital magazine that seeks to shed some much needed illumination onto the world of operational risk management.

Special Alert : The end of an era
In this issue of The Risk Universe, we ponder the future of operational risk management in its current form, as Mike Finlay’s provocative piece on page 12 asks: as operational risk management comes of age, does it have a future?

The proliferation of risk-related roles in financial institutions since the crisis, perhaps counterproductively, has created a series of over-lapping, contradictive disciplines, some of which arguably swallow up the functions that were commonly filed under operational risk.

The definition of operational risk itself hasn’t helped things, argues Finlay. After credit, market and liquidity, operational risk is often unhelpfully labelled as “everything else.”

Can practitioners continue to manage in this way? And isn’t “everything else” on the risk agenda usually something to do with cyber these days? Perhaps, then, it is the end of operational risk – at least as we know it. But, as practitioners look back at 18 years of the discipline, maybe it will also mark the beginning of a better, more ‘grown-up’ approach to risk management.

Endings are relevant for another reason this month, as we announce that this edition of The Risk Universe will be our last – for now at least. We hope you’ve found our operational risk-focussed viewpoint both useful and enjoyable to read. We will still be providing a dedicated source of industry news through our website, so stay tuned at www.riskuniverse.com and follow us on Twitter @RiskUniverse, for regular updates.

Thanks for reading.

Carrie Cook, Editor




Latest News

Danske Bank boss resigns over money laundering scandal

Danske Bank’s chief executive Thomas Borgen quit on Wednesday in a money laundering scandal which involved €200 billion flowing through its Estonian branch between 2007 and 2015, most of which was suspicious.

CFTC orders ICAP to pay $50 million penalty for attempted manipulation of USD ISDAFIX benchmark swap rates

The Commodity Futures Trading Commission (CFTC or Commission) today issued an Order filing and settling charges against ICAP Capital Markets LLC (ICAP), now known as Intercapital Capital Markets LLC (ICAP), for, by and through certain of its brokers, aiding and abetting numerous attempts by several of its bank clients to manipulate the ISDAFIX benchmark, a leading global benchmark referenced in a range of interest rate products, and requiring ICAP to pay a $50 million civil monetary penalty.

Visa, Mastercard and others to pay $900 million more in amended settlement over card-swipe fees

Visa, Mastercard and a few banks that issue credit and debit cards agreed to pay an additional $900 million to settle a class-action lawsuit over card-swipe fees.

NatWest Markets settles swaps reporting charges with CFTC

NatWest Markets has been fined $750,000 by the US derivatives regulator for failures in its reporting of swaps transactions.

SunTrust glitch takes down online, mobile service

SunTrust Bank’s online and mobile banking platforms are down due to a system upgrade that went awry, and the regional said it is unclear when customers will be able to access their accounts.

U.S. probes Danske Bank over money laundering allegations involving Russia

U.S. law enforcement agencies are probing Denmark’s largest bank over allegations of massive money laundering flows from Russia and former Soviet states, according to a person familiar with the matter and documents reviewed by The Wall Street Journal.

SEC charges Citigroup for dark pool misrepresentations

The Securities and Exchange Commission today entered an order finding that Citigroup Global Markets Inc. misled users of a dark pool operated by one of its affiliates.

Finra fines Citigroup $100,000 for overcharging clients

Citigroup Global Markets Inc. has been fined $100,000 by the Financial Industry Regulatory Authority Inc. for failing to properly supervise the sale of mutual funds to certain retirement plan and charitable organization customers.

Ladenburg chairman charged with fraud by SEC in penny stock scheme

Dr. Phillip Frost, the non-executive chairman and largest shareholder of Ladenburg Thalmann Financial Services Inc. has been charged with fraud by the Securities and Exchange Commission for his involvement in a pump-and-dump, penny stock scheme.

Feds charge a Russian with hack of 80 million JP Morgan customers

The Department of Justice announced the indictment and extradition of a Russian hacker accused of being part of the group who stole around 80 million customers data from JP Morgan Chase in 2014.

ING to pay $5 million to settle misconduct charges on NYSE

New York Stock Exchange Regulation (NYSE Regulation), the regulatory body that monitors activity on the NYSE’s markets, announced on Thursday that ING Financial Markets will pay $5 million to settle misconduct charges related to American Depository Receipts (ADRs).

British Airways customer data stolen from its website

British Airways is investigating the theft of customer data from its website and app over a two-week period and has urged customers affected to contact their banks or credit card providers.

 
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