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Issue #26

Issue #26Editor's Letter - Bad behaviour or bad culture?: Operational risk management is first and foremost people risk therefore culture, ethics and human behaviour have to be a prime focus.
News: Eight US banks end parallel run; EU approves increase in rogue trader prison sentences; EU vision for the banking sector; Standard Bank fined £7.6m; OCC issues heightened expectations for large banks; Basel Commitee out with AML sound management guidelines; DOJ fines JPMorgan $614m; Lloyds books another PPI loss; ORIC launches global offering; SFO charges bankers for rate fixing.
Are living wills the answer?: The Risk Universe columnist Annie Searle addresses the issue of “living will” compliance for financial institutions.
Spotlight - Notes on a scandal: As the investigation into manipulation of foreign exchange benchmarks continues to gather pace, Joel Clark examines the allegations that have been made.
How To... Implement a more robust AML programme: Victoria Tozer-Pennington takes a look at how firms can implement a more robust anti-money laundering controls programme.
OpRisk World - Debate, discussion, dialogue: OpRisk World 2014 brought together operational risk professionals from across the globe for dialogue, discussion and debate over the most topical issues affecting operational risk management. The two-day conference involved 25 speakers from the crème de la crème of banking executives, regulators, academics, authors and even a business psychologist.
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.
Sharing Scenarios - Market rate or price manipulation: This month’s scenario looks at the deliberate manipulation of rates and prices. Also find out the results of last month’s benchmarking exercise on unlicensed sales activity.
Risk Classifications - External policy and claims fraud – application and documentation: Classifying external policy and claims fraud – a common insurance risk category and one which is often discounted as a cost of doing business, but which can drain resources.
Classified: Find all your job advertisements here alongside information on upcoming industry events and The Risk Universe monthly comic.