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Issue #8

Issue #8Inadequate Risk Measures: The near-collapse of Knight Capital Group is proof, if any were still needed, that it is operational risk loss events that sink firms.
 
News: A Black Knight event; Standard Chartered settles for $340m; Confidence declines in banks ability to fight fraud; LIBOR – the Wheatley Review; US banks step up push-back on Basel III; New computer virus discovered; CRD IV implementation delayed for several months; Risk appetite a concern for OSFI; Money laundering regulatory burden eased; SCRA failings at Capital One; Nomura fallout continues; Market manipulation at Porsche.
 
Putting The Brakes On: Knight Capital Group lost $440 million when its new algorithmic trading system malfunctioned on August 1. The near death of one company has polarised regulators’ attention on the future of algorithmic and high-frequency trading.
 
Culture: The subprime mortgage crisis, foreclosure practices, interest rate rigging, miss-selling payment protection insurance and interest rate swaps, money laundering breaches… the list goes on. This article asks whether banking culture is fundamentally broken and systemic.
 
How To... Manage Conduct Risk: Confusion reigns over precisely what Conduct Risk is and who should be responsible for it. This is a simple how to guide on how to approach conduct risk management.
 
Data Entry Error: This month’s scenario includes incorrect data entry by employees at the point of instruction for a client or when executing trades for the firm. Otherwise know as “fat finger” errors.
 
Dear CEO: Every month an anonymous chief risk officer of a financial services firm writes a letter to the CEO detailing some of the issues they have always wanted to raise.
 
Transaction Data Capture and Input Errors: How to classify events arising from the erroneous entry of data or failure to correctly capture transaction details by mistake at the point of customer or client instruction or when executing transactions for the firm.
 
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.