In my previous blog, I addressed the new requirements of the new directive of risk data aggregation and risk reporting from the Basel Committee. In many of the...
In my previous blog, I addressed the new requirements of the new directive of risk data aggregation and risk reporting from the Basel Committee. In many of the banks I meet, the risk function tends to still be seen as a compliance function rather than an active part of the portfolio management of the bank (it is certainly true in developing countries of Asia). Considering the investment in technology, and the more exhaustive requirements of the regulators across the world,...
In my previous blog, I addressed the new requirements of the new directive of risk data aggregation and risk reporting from the Basel Committee. In many of the banks I meet, the risk function tends to...
In my last blog post, “The Future is Sooner and Stranger Than You Think” I had talked about the characteristics of Big Data in terms of the 4 Vs (Volume,...
In my last blog post, “The Future is Sooner and Stranger Than You Think” I had talked about the characteristics of Big Data in terms of the 4 Vs (Volume, Velocity, Variety, Value), the 5 Ms (Monitoring, Mapping, Management, Middleware, Measurement). Today Big Data is inescapable in the Financial Services industry, with increasing volumes of customer and transactional information flowing through organizations. The FS sector is one of the most data-driven industries, and...
In my last blog post, “The Future is Sooner and Stranger Than You Think” I had talked about the characteristics of Big Data in terms of the 4 Vs (Volume, Velocity, Variety, Value), the 5...
Risk Managers and Risk Architects were enjoying a slow beginning to the year when the Basel Committee decided to release a new directive of risk data...
Risk Managers and Risk Architects were enjoying a slow beginning to the year when the Basel Committee decided to release a new directive of risk data aggregation and risk reporting. Sure enough, no organization had in earnest thought of the right architecture for risk reporting. So while the new directive did set the scene for additional requirements, it also created the opportunity to address the shortcomings that exist in the areas of risk data. Banks do differ in their...
Risk Managers and Risk Architects were enjoying a slow beginning to the year when the Basel Committee decided to release a new directive of risk data aggregation and risk reporting. Sure enough, no...
So much has been written about the models being the source of all evils in the risk management space. Surely the breaking down of correlation matrices was...
So much has been written about the models being the source of all evils in the risk management space. Surely the breaking down of correlation matrices was responsible to a large extent in the erroneous assessment of the exposures and real risk being carried in the balance sheet of our financial institutions prior to the 2008 crisis. In his nomination hearing Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Alan Greenspan had clearly stated that...
So much has been written about the models being the source of all evils in the risk management space. Surely the breaking down of correlation matrices was responsible to a large extent in...
As I mentioned in the previous blog "When best of breed financial crime and compliance “point solutions” aren’t enough", many companies are increasingly looking...
As I mentioned in the previous blog "When best of breed financial crime and compliance “point solutions” aren’t enough", many companies are increasingly looking to consolidate their various operational risk, compliance, audit and business continuity solutions. This is to help break the GRC silos and create a “single source of the truth” for better risk based decision making. While this is arguably easier using a single GRC data source and a single provider of all GRC linked...
As I mentioned in the previous blog "When best of breed financial crime and compliance “point solutions” aren’t enough", many companies are increasingly looking to consolidate their...
Ranging from libor rate fixing to product miss-selling, 2012 was without doubt a busy year for regulators the world over. Certainly a look at recent regulatory...
Ranging from libor rate fixing to product miss-selling, 2012 was without doubt a busy year for regulators the world over. Certainly a look at recent regulatory enforcements highlights the complexity and difficulty involved in running a financial services company, whilst keeping it compliant and within the law. Plus avoiding the high costs from a financial and reputational perspective if it all goes wrong!For example, according to reports in the press there was a record £312m...
Ranging from libor rate fixing to product miss-selling, 2012 was without doubt a busy year for regulators the world over. Certainly a look at recent regulatory enforcements highlights the...
In what could be described as a calculated move albeit applied with great stealth, depositors in Cyprus woke up recently to find out, that a portion of their...
In what could be described as a calculated move albeit applied with great stealth, depositors in Cyprus woke up recently to find out, that a portion of their hard earned savings miraculously disappeared (via a tax / levy) at the hands of the government magicians with no promises that the appropriation of funds would reappear.Just when you thought ‘bail-out’ was no longer in fashion, then presto another troubled euro-zone economy comes begging for a rescue. Only this time,...
In what could be described as a calculated move albeit applied with great stealth, depositors in Cyprus woke up recently to find out, that a portion of their hard earned savings...
Why are Foreign Financial Institutions (FFIs) spending so much time and energy on Foreign Account Tax Compliance Act (FATCA) ? FATCA is a US regulation whose...
Why are Foreign Financial Institutions (FFIs) spending so much time and energy on Foreign Account Tax Compliance Act (FATCA) ? FATCA is a US regulation whose sole purpose is to recover owed tax revenue from previously unidentified assets and incomes domiciled outside of the US. FFI's non compliance with this regulation will be met by significant withholding on any meaningful income generated from the USA. This method of enforcement is possible because the US is such an...
Why are Foreign Financial Institutions (FFIs) spending so much time and energy on Foreign Account Tax Compliance Act (FATCA) ? FATCA is a US regulation whose sole purpose is to recover owed tax...
