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Issue #7

Issue #7It Could be You: It could be you: Events at Natwest, Barclays and HSBC show no bank is immune.
 
News: Libor scandal deepens; Traders understated losses at JPMorgan; Compliance dept given new teeth at HSBC; Unethical and illegal practices rife, says survey; Lessons learnt
from the Natwest outage; GSK handed record $3billion fine; Solving the risk appetite problem.
 
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.
 
Opinion - A Diamond in the rough: Howard Stein, ex-MD of Operational Risk of Citigroup’s Global Corporate and Investment
Bank, shares his views on Liborgate.
 
Not an Exact Science: Spurred by Andrew Haldane’s speech that criticised models as unfit for purpose, John Thirwell shares his opinion of current modelling techniques.
 
Come Together: New regional loss data consortia emerge in response to local demand, while existing
consortia beef up functionality for their members. Victoria Tozer-Pennington reports.
 
Managing Risks from Strategy to Execution: Spyro Karetsos, who leads the Enterprise Risk Management team at Vanguard, explains
how he has developed an ERM program.
 
Reflections on the Lost Bank: Through a review of Kristen Grind’s book on the history behind the failure of WaMu, Annie Searle, looks at how the intersection of people, process, systems and external events often lead to financial loss without proper risk management.
 
Inappropriate Corporate Governance: This month the scenario examines involves inadequate, inappropriate or weak corporate governance structures, processes or oversight.
 
Ensuring Robust Governance: The Risk Universe sets out a roadmap to implementing robust governance throughout the organisation.
 
Classifying Governance or SOX Violations: Recent events at Barclays and JPMorgan Chase have highlighted governance failings but classification can be difficult in this area.
 
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.