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Issue #12

Issue #12The new Zeitgeist?: Operational risk is gaining prominence with regulators, politicians and mainstream media.
News: The red-headed stepchild demands more attention; HSBC fined $1.9 billion for AML failings; Operational Risk Timeline; UBS, RBS brace for Libor-related fines; IIF issues “practitioner’s report” on risk governance; FSA consults on product intervention rules; US-UK propose SIFI solution; Banking Commission grills Barclays; Suitable persons debate reopens; CFTC chief disagrees with Goldman’s fine; Libor overhaul continues.
Talking Capital: Mike Finlay, CEO of RiskBusiness, asks whether there is a need for an alternative regime for calculating regulatory operational risk capital.
How To... Audit Risk Culture: In the twelth of a series of monthly “How to” guides that seek to tackle those more difficult challenges relating to operational risk management, Victoria Tozer-Pennington assesses how to conduct a risk culture audit.
Motivating Through a Crisis: A double-dip recession, civil unrest and rioting in the streets have contributed to the worst economic crisis Greece has ever seen. Konstantinos Karydias, Group OpRisk Officer at Eurobank, shares his personal experience of motivating staff through such a difficult period.
Money Laundering: This month’s scenario involves the deliberate or accidental facilitation of money laundering by the firm relating to funds resulting from criminal activity, taxation evasion or terrorist financing.
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.
Natural Disasters Resulting in Direct Physical Damage: This loss event type covers losses and damage to the firm, its property, premises, assets and systems, as well as losses due to injury to staff or to customers or clients on the firm’s premises, arising directly from natural disasters.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.