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Banks ask Fed to delay CECL impact on stress testing
Fed asked not to implement CECL into CCAR until 2021
Financial risks don’t go on holiday
Better mapping of financial system would help avoid seasonal surprises, argues Andrew Lo
Risks building at three US G-Sibs
Risk-weighted asset density has increased at BNY Mellon, State Street and Goldman Sachs the most, across the eight US global systemically important banks
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Quotes
With compliance problems, you often find out when it’s too late. And when it’s too late, banks have paid significant amounts of money.
UBS CRO Christian Bluhm on why he spends half his time monitoring op risk and compliance issues
People think that because the results come from complex computer algorithms, they don’t have to do a lot of thinking and also they can trust them more. But in reality, the opposite is true. These are black boxes. Problems can arise if you use them blindly
Vijay Nair, Wells Fargo, on the need for machine learning explainability
[Boards have] gone from turning up once a quarter for a prawn sandwich to being down in the weeds of what you do
Stephen Creese, Citi, on risk committees in banks
Editor's Choice
Risktech start-ups struggle to clinch big-bank contracts
Light on cash, risk management fintechs face an extended gauntlet most won’t survive
Big Figure
Big Citi grows bigger
Citigroup was the fastest-growing swaps clearing broker in the 12 months to April 30, increasing the amount of client margin it was required to hold by 36%, while that required across all brokers grew just 14%. The US bank’s futures commission merchant also grew its share of required client margin – which can be used as a proxy for client clearing volume – to 27% of the total, up from 25% at end-2017 and 23% from April 2017.
Read the full article7 days in 60 seconds
Mifid II, RFQs and the future of Europe’s G-Sibs
The week on Risk.net, August 11-17, 2018
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Model risk in the transition to risk-free rates
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Our Take
Bank boards: goodbye to the prawn sandwich brigade?
A real-life stress test for CCP margin