Operational risk
WHAT IS THIS? Operational risks are those arising from people, processes and systems – the biggest form of exposure for many industries, but one that was neglected by financial firms until the collapse of Barings Bank in 1995. It was added to the Basel capital framework in 2004, but attempts to model operational risk were dealt a heavy blow by the huge, unforeseen losses suffered by banks in the aftermath of the financial crisis.
Schapiro resignation not linked to lawsuit, SEC says
SEC chair Mary Schapiro steps down a week after former inspector-general files $20 million lawsuit against the agency
UBS fined £29.7 million for controls failures resulting in Adoboli losses
The UK FSA fines UBS for failures in systems and controls leading up to Adoboli's $2.3 billion losses
US and China could play ‘fiscal chicken’ under Fatca, expert warns
China's absence from IGA negotiations could mean a standoff once withholding starts
Judge tells jurors to be cautious about senior trader’s evidence in Adoboli trial
Jurors are warned by judge to be cautious about John Hughes's evidence on the final day of UBS trial
Jurors told to focus on the facts and not jargon in Adoboli trial
Judge continues summing up in UBS rogue-trading trial
Adoboli did not try to hide rogue trades, defence tells court in closing
Defence delivers closing statement in Adoboli trial
Fatca delay caused by IGAs, expert says
Another delay in Fatca timelines is as a direct result of IGAs, one expert warns
Solvency II could be dangerous for whole economy, expert warns
Axa CFO warns of the counter-cyclical tools in Solvency II
Solvency II delays have no impact on competition for niche insurance firms, expert says
Ferma forum hears that Solvency II delays will not affect competition
Risk management being complicated by regulation, expert tells forum
Risk managers are facing greater complexity because of regulation and other issues, Ferma is told
Culture, acquisitions and regulation at Scotiabank
An acquisitive spirit
CROs must bypass glass ceilings, forum hears
Ferma conference hears that CROs must try to get access to senior management
Dyson appointed deputy chief information officer at SEC
Dyson’s brief involves updating IT systems
Banks recognise need for major culture shift, says FSA’s Turner
Chairman of the FSA uses annual Mansion House speech to highlight the issue of bank culture
FFIs facing legal conflict with Fatca compliance, experts warn
Jurisdictions with an intergovernmental agreement in place may find foreign financial institutions facing a legal conflict with Foreign Account Tax Compliance Act compliance
FSA flexing its muscles with RDR letter, observers say
A "Dear CEO" letter from the FSA on RDR is seen as a harbinger of its new interventionist stance
G-Sibs facing ‘a tall order’ in meeting 2016 data deadline, UK regulator warns
The FSA’s Gerald Sampson says large, complex banks may struggle to meet a 2016 deadline for risk data aggregation and reporting standards
Libor governance to be put out to tender
The FSA confirmed today that the BBA will be stripped of its Libor powers
RDR guidance causing confusion, experts say
FSA guidance notes on the RDR need clarifying, industry experts warn
Libor in need of ‘massive makeover’, CFTC’s Chilton says
CFTC's Chilton says a complete overhaul of Libor is needed - including distancing it from the BBA
Fatca IGAs causing concern in US
Wake-up call
Out of the ashes: Portigon’s rise from WestLB
Out of the ashes