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Issue #23

Issue #23Editor's Letter - Big Brother is watching: Traders’ instant messages mined for proof of market manipulation.
News: Trading book review paper precursor to op risk framework changes; Rabobank agrees $1bn LIBOR fine; EC to fine banks for EURIBOR abuses; FX manipulation investigations gather pace; US seeks to strengthen AML laws; Mexico fines banks over bond trades; Walmart hit by technical error; Quantam Dawn 2 deemed a success; London test follows; HSBC credit card glitch angers consumers; Knight Capital fined $12m; Survey finds firms have little understanding of legal risk; BSI publishes governance standard; FCA finds areas of improvement for asset managers; BSI publishes governace standards; OCC issues guidelines for bank consultants.
Vendor risk and intellectual property: The Risk Universe columnist Annie Searle addresses the very important operational risk of third-party vendor management.
Spotlight - Frontline operational risk management in the oil & gas industry: Leveraging a more holistic understanding of risk to lower operational risk and improve production efficiency.
Gen 2 Models: The important role of structured scenario analysis in building models that deliver value to the business and comply with regulatory requirements.
How To... Establish an executive protection programme: Mike Finlay, CEO of RiskBusiness, assesses how to establish an executive protection programme.
Sharing Scenarios - Tiger robbery: This month’s scenario involves tiger kidnapping, which involves the kidnapping of a person to force them to commit an act, usually illegal, on the behalf of the captors.
Risk Classifications - Kidnapping, Hostages and Extortion: This month we analyse the classification of incidents relating to kidnapping and extortion.
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.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.