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Issue #34

Issue #34Editor's Letter - Looking forward: As the UK and US simulate a financial crisis, regulators doubt banks’ scenario planning.
 
News: Banks’ implementation of operational risk principles “insufficient”; News Review; “Goldman Tapes” rattle US regulators; Jury out on simpler approaches revisions.
 
Spotlight - Tip of the iceberg: The Markets in Financial Instruments Directive II (MiFID II) will fundamentally change the European trading environment but the operational risk impact has been largely overlooked.
 
Enhancing cyber defence: Intelligence is key to fighting cyber crime, writes The Risk Universe’s Nick Kochan.
 
Clash of clans - Operational risk v Lean six sigma: Ideologically, the methodologies of Operational Risk and Lean Six Sigma appear to be poles apart, but scratch just below the surface and it becomes clear they also share similar challenges in establishing themselves within the corporate landscape, says Max Cardew.
 
How To... Build a scenario assessment programme: RiskBusiness’ Mike Finlay looks at the issues surrounding scenario analysis and provides some guidance in how to create a robust scenario assessment programme.
 
Sharing Scenarios - System intrusion with the intention of facilitating fraudulent acts: This month the scenario explores system intrusions with fraudulent intent, which due to increasingly more rigorous regulatory compliance requirements around information security, represents a significant headache for virtually every firm, irrespective of industry.
 
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.
 
Risk Classifications - Investment fraud: RiskBusiness’ Mike Finlay takes a look at an issue which, while not only limited to the kind of cases made famous by Charles Ponzi in the early 1920s, remains prevalent today - investment fraud.