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Issue #20

Issue #20Editor's Letter - Model behaviour: Operational risk modelling seems to be back in vogue.
News: RBS fined £5.6m for misreporting; PRA consults on strengthening capital standards
horizon; Barclays refuses to pay fine; JP Morgan agree to pay FERC fine; BP responds
to FERC market manipulation allegations; UBS settles SEC charges of misleading CDO
investors; UBS Americas reaches £885m settlement with FHFA; UBS France fined
€10 million; Bank of America charged with RMBS fraud; Juggernaut hedge fund fined;
Fax blunder costs BoS £75k; Guaranty Trust Bank fined for AML failures; FINRA fines
Oppenheimer for AML violations.
Spotlight - Powering up: Power market manipulation has been making headlines of late since FERC has been
flexing its muscles and imposing large fines to send a message that any suspicion of
manipulation is being investigated and will be severely punished.
How To... Manage process, risk and control instance records: The benefits of managing process, risk and control records and why taxonomies alone
are not enough.
State of Play: First generation operational risk models were built before the financial crisis,
firms are becoming aware of the need to review and evolve their internal
models. Victoria Tozer-Pennington examines current practices in relation
to operational risk model governance, use and validation.
Sharing Scenarios - Misselling: This month’s scenario looks at misselling, including deliberate attempts to mislead
customers as well as negligence in ensuring their full understanding of a transaction
or product.
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 - Client or customer privacy breach: This category includes the accidental, negligent or unauthorised use of, disclosure
of or leakage of confidential client or customer data in the firm’s possession.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.