Operational risk
Basel Committee publishes paper on bank compliance functions
The Basel Committee on Banking Supervision published a consultation paper yesterday outlining basic guidance for banks on the structure and operation of their compliance function, and "sets out banking supervisors' views on compliance in banking…
CP3 comments: Any last words?
The comments elicited by the Basel Committee's third consultative paper (CP3) show just how little consensus exists between regulators and banks on the Basel II capital Accord. Dwight Cass highlights some of the telling comments.
Bill of rights
A group of 25 institutional investors have released a manifesto outlining their aims for a better world for bondholders. Stronger covenants, greater transparency and improved ratings practices are amongst their demands.
Operational risk is main cause of bank failures, says FDIC
Operational risk continues to be the root cause of bank failures, according to the Division of Resolutions and Receiverships at the Federal Deposit Insurance Corporation (FDIC), based in Washington DC.
Breaking down the model
Brett Humphreys and Andy Dunn outline a method to help energy companies minimise potential model risk and thereby avoid costly errors in valuing deals.
Geithner to replace McDonough at New York Fed
Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York.
Algo to release flagship Basel II-compliant system in January
Canadian risk management systems vendor Algorithmics will release version 4.4 of its Algo Suite flagship product on January 15.
Black Thursday
The costs of the recent power outage in large parts of northeast USA and Canada range from $6 billion to $10 billion. Hardeep Dhillon looks at the consequences of the blackout and analyzes the impact on the utility and insurance industries.
'A good deal for regulators and banks'
Paul Kupiec's article in the August issue of Risk – Does CP3 get it right? – raised a number of concerns about the application of Basel II to retail portfolios.
What price regulatory compliance?
The US banking industry has been inundated with a set of mandatory changes such as Basel II, the Sarbanes-Oxley Act and the Patriot Act, which, responded to individually, represent a significant portion of an organisation's change budget. Dai Bedford,…
Geopolitical futures: The politics of betting
Using markets to forecast political events may not be as strange an idea as it seemed in July, when a terrorism futures scheme collapsed. But there is still scepticism as to whether such an approach would be ethical or effective.
S&P questions Basel II
NEW YORK - Standard and Poor's anticipates significant challenges for banks to quantify operational risk as outlined in Basel II, even though it expresses general support for the Accord as a whole.
McDonough clarifies PCAOB mission brief to US Congress
WASHINGTON, DC - With final rulings on inspection of US public accounting firms imminent and reviews of registration applications underway, the Public Company Accounting Oversight Board (PCAOB) has begun the process of enforcing accounting mandates of…
Investors and auditors differ on Sarbanes-Oxley's effectiveness
WASHINGTON, DC - Institutional investors and auditors remain at odds over how effective the Sarbanes-Oxley Act has been so far, with the former advocating a broader scope for the act and the latter warning that it may have already gone too far.
Banks get set to prepare feisty responses to the US ANPR
NEW YORK - US banks are going to hit back hard at the country's regulatory agencies in their responses to the advance notice of proposed rulemaking (ANPR).
RMG leaves Basel II op risk issues unresolved
SAN FRANCISCO - The Risk Management Group (RMG) of the Basel Committee on Banking Supervision met in mid-September to attempt to thrash out some key operational risk issues, and review the comments from the third consultative paper (CP3).
Corporate Statement > Alliance & Leicester Choose WhiteLight
After an extensive review of vendor solutions, Alliance & Leicester, one of the UK's major financial services groups, has chosen WhiteLight, a SymphonyRPM company, to provide their Basel II Retail Credit Risk solution.
Vital Statistics
FIXED INCOME
Utilities: stoking the flames
Credit of the month
Countdown to Basel II
Operational risk
McDonough clarifies PCAOB mission brief to US Congress
REGULATORY UPDATE
French banks behind on op risk
COVER STORY
S&P questions Basel II
IMPLEMENTATION