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Issue #25

Issue #25Editor's Letter - A brand new start: January so far has been another month of multi-billion dollar fines for financial services firms, starting with JP Morgan.
News: Failed Madoff oversight costs JP Morgan $2.05bn and criminal charges; SFC issues “pragmatic” report on trends in risk and risk mitigation; HKMA consults on resolution and recovery; Former Rabobank traders face criminal charges; Barclays fined for record keeping failures; RBS Securities Japan fined; RSA Ireland financial misreporting probe; BlackRock analysts surveys banned; Third Wave of Living Wills published in the US.
CCAR and why all the pain is worth it: Evangelos Sekeris, director of operational risk consulting at Aon and former US regulator, shares his thoughts on the Comprehensive Capital Analysis and Review (CCAR), the US Federal Reserve’s annual stress testing exercise.
Spotlight - Would you hire this man?: Victoria Tozer-Pennington investigates whether the UK’s Approved Persons Regime is fit for purpose.
How To... Manage conflicts of interest: Victoria Tozer-Pennngton takes a look at how firms can better manage existing and potential conflicts of interest.
Book Review - A guide to operational risk management: Philippa Girling, currently business chief risk officer at Capital One, is the author of ‘Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework’, a new resource for operational risk professionals that sets out the essential elements of the discipline and addresses fundamental issues such as reputational risk and governance, risk and compliance.
Sharing Scenarios - Unlicensed sales activity in the firm’s own distribution channel: This month’s scenario concerns unlicensed sales activity in distribution channels. Find out the results of last month’s benchmarking exercise on the loss of key staff.
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 - Self-dealing or conflicts of interest with clients: RiskBusiness’ Mike Finlay takes a look at conflicts of interest between the firm and its clients.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.