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Issue #33

Issue #33Editor's Letter - Fixing systemic operational risk: LIBOR, IDSAfix, Gold prices, FX rates, energy prices – is there anything left to fix?
 
News: Investor sues ISDAfix over rate rigging; DTCC database a magnet for hackers; US banks increase operational risk capital following parallel run exit; complaints database changes heighten operational risk.
 
If You Ask Me - Ebola risk - from epidemic to pandemic?: Annie Searle examines the spread of Ebola and lessons for financial sector planning.
 
Spotlight - The view from above: Large banks have been publicly complaining about the compliance burden being placed upon them in recent years but it is well founded. The Risk Universe takes a look at the level of regulatory change impacting firms since the start of 2014 and analyses in detail the most significant rules affecting operational risk management.
 
Getting It Right: Banks are stumped on how to create a living will that is fit for purpose, thankfully regulators have provided more guidance on what they want.
 
In Flight Hacking: Researchers have shown that it is possible to hijack a commercial airliner using its onboard WiFi signals, opening up a whole new world of risk for airlines and aircraft operators.
 
How To... Build a Three Lines of Defence model: There is a lot of discussion as to what constitutes a three lines of defence model, but little understanding of the ramifications of actually implementing a risk agnostic, organisation-wide three lines of defence model. RiskBusiness’ Mike Finlay provides some guidance
 
Sharing Scenarios - Online banking system outages: This month scenario addresses system outages, a perennial issue, made worse in the current age of social media when disgruntled clients can tweet their frustrations to the world, but one that can have a myriad of causes.
 
Risk Classifications - Public disorder: RiskBusiness’ Mike Finlay takes a look at the risk of public disorder, which increasingly occurs in financial centres around the world.
 
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.