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Issue #6

Issue #6The Most Important Risk: The OCC is right to say operational risk is the most important risk facing firms.
 
News: US approves Basel III; Insurers overlook importance of operational risk appetite; ING handed record fine for money laundering; EU releases Living Wills draft directive; Spectre of pan-EU regulator resurrected; JPMoby-Dick and its reluctant voyage on the Pequod; Dimon admits mistakes; Can HR spot future rogue traders?; EU adopts Cybercrime report; UK issues financial reform bill.
 
The Regulators’ View of Operational Risk: As the new Comptroller of the Currency sets out his devotion to operational risk management, the Federal Reserve takes a more balance approach.
 
Making Sense of it All: Effective data aggregation and reporting are complex challenges for all financial firms, but they pose a particular problem for large, global banks. The Risk Universe takes a look at the challenges.
 
How To... Aggregate Risk Data: Aggregating operational risk data is a complex challenge but this guide sets broad steps to help firms approach the difficult task.
 
Taking Risk to New Heights: Information security is of primary importance to Boeing and ensuring the safety of that information in 70 locations around the world, requires strong risk management.
 
Model Parameterisation or Input Issues: This month’s scenario looks at errors, assumptions or input’s into firm’s actuarial, economic or financial models, caused by inexperienced staff or by incorrect parameters.
 
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.
 
Great Expectations: As this year will mean the second or even third submission of a firm’s Internal Capital Adequacy Assessment Process (Icaap), regulators are expecting improvements.
 
End-user Developed Application Errors – Model Error: This month: How to classify model malfunctions or errors, including incorrect macros, spreadsheet formulas, rounding errors and calculation errors.
 
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