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Issue #4

Issue #4Everything's Fine: Fines for failing in systems and controls have been steadily rising. Firms would be well served to initiate reviews of their existing systems to identify any shortcomings in advance of any regulatory probe.
 
News: APRA demands increase in op risk Pillar 1 capital; Goldman fined for ‘trading huddles’; G30 calls for corporate governance shake-up; Investment banks derided for poor ABC controls; MAS to enhance capital rules for insurers; EU seeks to cap executive pay; EU calls for tougher rules on insider trading; Basel Committee progress report.
 
People Power: Does the head of HR report to the CRO? And if not, why not? Mike Finlay takes a fresh look at the 'people' element in the definition of operational risk.
 
Reinventing Risk Assessments: Disillusioned with past risk control self assessments, operational risk managers are implementing more holistic projects to create a total view of the firm's risk exposure. Victoria Tozer-Pennington reports.
 
Inadequate or Defective Customer or Client Onboarding Procedures: The scenario this month involves the failure of a firm to ensure appropriate customer or client onboarding.
 
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.
 
The Fallout from Living Wills: Banks completing resolution and recovery plans fully expect regulators to force changes. Victoria Tozer-Pennington reports.
 
Anti-Money Laundering : A Very Real Risk: The record fine handed out to Coutts by the FSA for anti-money laundering breaches has bought home the importance of keeping AML systems and controls up to date. Nick Matthews and Emily Benson investigate.
 
How To... Avoid a Fine for Bribery System and Control Failures: Emma O'Kane and Leonie Munro of Eversheds set out how to avoid a regulatory fine for failings in bribery and corruption systems and controls.
 
Combating Money Laundering: RiskBusiness' Mike Finlay explores anti-money laundering failures and breaches - a risk category which has recently made news headlines for all the wrong reasons.
 
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.