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Issue #21

Issue #21Editor's Letter - Existential operational risk: Cybercrime named as existential operational risk yet industry moves toward artificial intelligence and machine learning techniques.
News: Cybercrime again highlighted as a prime operational risk; EU banking union inches closer; Tougher sanctions for financial markets manipulation; Fed criticises firms’ capital planning; IRHPs cost UK banks £500k; CFTC proposes HFT risk controls; US exchanges to introduce kill switches; AXA fined for advice failings; Shadow banking oversight to be tightened; Compensation reform needs more work; Progress made on disclosures; Current UK operational risk modelling practices – survey results.
Remembering 9/11: The Risk Universe columnist Annie Searle remembers the events of 9/11 and asks
whether the lessons learned have also been remembered.
Spotlight - Shadow banking in china: In this article, a group of students from HKUST Risk Management and Business
Intelligence examine the scale of shadow banking in China and its systemic
implications for the rest of the world.
How To... Improve ID security: Facial recognition software is one way financial services firms can improve ID security and help deter online fraudsters.
Intelligent Modelling: Victoria Tozer-Pennington investigates the benefits of applying artificial intelligence and machine learning techniques to operational risk management and modelling.
Sharing Scenarios - Collateral management failures: This month’s scenario involves the failure to record a perfect lien over items provided as
collateral against debt obligations.
Risk Classifications - Collateral management errors: This category concerns costs and losses arising from errors, mistakes and omissions
relating to collateral against obligations due to the firm.
Dear CEO: Every month an anonymous chief risk officer of a financial services firm writes a letter to their CEO detailing some of the issues they have always wanted to raise.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.