 | New Year; New Challenges: Billion-dollar fines are forcing firms to refocus their compliance efforts. News: OSFI scrutinises firms’ operational risk; BCBS principles for risk data aggregation and risk reporting; Global Risks Report 2013; US regulators censure JPMorgan’s controls; Lloyds hit by rogue trader scam. Spotlight - Poles Apart: Firms are focused on ensuring regulatory compliance, which has led to the merging of operational risk management with compliance. The debate over the relationship between risk and compliance has re-emerged. Dana Air: Could Better Operational Risk Management Have Helped?: The fatal crash of Dana Air Flight 992 on June 3, 2012 in Lagos, which killed all on board and ten people on the ground, has reopened the debate on aircraft safety in Nigeria and Africa more broadly. How To... Defend Against a DDoS Attack: The “How to” article this month sets out ways for firms to protect against this increased risk and ensure that any infrastructure vulnerabilities are identified and secured. Top Ten Operational Risks for 2013: With US banks coming under sustained cyber-attacks towards the end of 2012, it is unsurprising to see cybercrime and IT security topping the top ten operational risk rankings for 2013. Sharing Scenarios - Damage or destruction of property and facilities arising from natural disasters: This month’s scenario involves damage to the firm’s property, business premises or facilities caused by some form of natural disaster. 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. Risk Classifications - Discriminatory Employment Policies and Practices: Classifying losses stemming from discriminatory corporate policies, procedures and practices in personnel decision-making, including hiring, compensation, promotion and termination. Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic. |
