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Issue #16

Issue #16Editor's Letter - Back on the radar: Operational risk capital adequacy approaches made at priority at the Basel Committee.
News: New LDCE planned; MF Global report blames Corzine; CFPB releases complaints data; The Salz Review; Citi ordered to improve AML controls; FCA outlines key risks; UK issues benchmark supervision proposals; Canadian SIBs to hold an extra 1% capital; APRA issues Pillar 3 consultation; Goldman’s hit by rogue trader fine; RBS faces fine for outage, DBS still paying fine; The failure of HBOS; Bitcoin and AML.
Spotlight - All Change: Deadlines provided by the Financial Stability Board have given a new urgency to SIGOR’s work on all approaches for operational risk capital.
Business As Usual: London’s insurance community is irritated at interminable delays to the EU’s Solvency II project. But after heavy compliance costs already incurred by trying to lead the risk management pack, has frustration turned insurers against internal models?
How To... Establish a Meaningful ERM Programme: Mike Finlay, CEO of RiskBusiness International, sets out a beginner’s guide to Enterprise Risk Management (ERM).
Sharing Scenarios - Credit Approval Abuse: This month’s scenario involves the unauthorised approval of credit facility applications of a higher value than the staff member is authorised to approve or those that fail to meet credit policy requirements.
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 - External Credit Fraud – Collateral and Guarantees: This month’s data classification explores an external fraud issue that highlights the boundary issues between credit risk and operational risk.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.