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Issue #9

Issue #9The Golden Age: A Golden Age: Supervisors berate complexity of Basel rules and seek a return to basics.
 
News: Back to basics; Backlash grows against algo trading; Operational risk event timeline; FSA proposes multiple client money pools; BlackRock fined for client money breach; Insurers lag behind on the use of insurance; FCA’s crusade on bonuses; Lloyds braces for misselling fine; Whistleblowing retaliation rising; IRS awards whistleblower $104m.
 
Opinion - Were he a cookie, he’d be a fortune cookie: Howard Stein shares his views on the argument to reinstate Glass-Steagal and too-big-to-fail.
 
Losses Never Die: As firms, in the UK and Europe at least, amass the required five years of operational risk loss data, questions surrounding the treatment of older operational risk loss data for capital modelling purposes are beginning to emerge, with varying responses.
 
Imperfections and Things Going Wrong: Philippa Girling assesses the success of the London 2012 Olympics from an operational risk management point of view.
 
How To... Manage Incentives: Incentive management is a crucial issue for all parties involved in the risk management of organisations. Ariane Chapelle proposes the MESAR model as an original approach to managing incentives.
 
Fraudulent Payments: The scenario involves fraudulent payments, which includes staff transferring funds or creating fictitious payments in order to embezzle funds, as well as collusion by staff with external parties to embezzle funds. Plus, the results of last month’s benchmarking exercise.
 
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.
 
Misrepresentation and Concealment of Facts: Deliberate acts of misrepresentation or the concealment of facts which adversely affect decisions made by the firm.
 
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