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Issue #22

Issue #22Editor's Letter - More manipulation: As more Libor scandal fines emerge, regulators are now investigating firms for
alleged manipulation of the foreign exchange markets.operational risk yet industry moves
toward artificial intelligence and machine learning techniques.
 
News: JPMorgan exits businesses with high operational risk; Whale of a fine for JPMorgan; ICAP Europe fine for LIBOR failings; Complaints fall at UK firms; FINMA launches FX probe; PRA loses top risk personnel; UK firms’ PPI handling criticised; Cybercrime legislation on the way; UK to build resilience to cyber-attacks; Supervisor publishes operational risk circular
 
Gen 2 Models: Evangelos Sekeris, director, operational risk at Aon, and former regulator, shares his views on the evolution of operational risk models.
 
Spotlight - Culture engineering: What constitutes a good risk culture remains unclear for most firms regardless of some motivations by international regulators to promote “good” risk culture. A new report assesses the fuzzy concept of risk culture as well as the current regulatory and political agenda.
 
How To... Implement a GRC framework: Ellen Davis, Director, Workflow Proposition Marketing at Thomson Reuters, takes a fresh approach to the GRC framework debate.
 
The LIBOR Scandal: A new paper examines the LIBOR scandal from a systemic operational risk perspective and suggests better people risk management could counter many of the issues raised.
 
Sharing Scenarios - ATM or PoS card skimming: This month’s scenario looks at the use of devices to capture encrypted data off cards in executing fraudulent transactions.
 
Risk Classifications - Hostile work environment - senior and subordinate: Indicators of inappropriate culture within the firm, namely instances of senior to subordinate bullying, harassment and intimidation.
 
Dear CEO: Every month an anonymous chief risk officer of a financial services firm writes a letter to his CEO detailing some of the issues he has always wanted to raise.
 
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.