July 2013 Blog Posts (17)

Keeping key-person risk at bay and removing manual processes

The reliance on staff to deal with manual reconciliations and multiple systems is about to reach its tipping point. With headcount reduction and cost cutting, firms are under increasing pressure to automate their reconciliation processes. This combined with key-person risk where recs processes are known to an individual or a small contingent leads to a significant source of operational risk.  In the second part of the series from the Aite Group benchmark…


Added by NeilVernon on July 30, 2013 at 9:35am — No Comments

ERM Value: Building the Business Case

The role of the enterprise risk manager has finally become clear: close the gap between strategic level risks and the operational risks faced at the activity level. Despite being a relatively new corporate discipline, expectations for ERM value are already very high. A recent poll shows us why corporations are desperate for …


Added by Steven Minsky on July 29, 2013 at 11:30pm — No Comments

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Added by Bryan Whitefield on July 29, 2013 at 3:40am — No Comments

Assessing Risk: How Big Risk Data can Paralyze ERM

A study published last week sponsored by Tripwire and conducted by the Ponemon Institute found that while over 80% of security and risk professionals consider their organization's commitment to risk-based security management significant, less than 30% had a formal risk management strategy…


Added by Steven Minsky on July 24, 2013 at 6:00pm — No Comments

Risk Management and the Tour de France

A professional cycling team's captain is not unlike a big bank's risk manager


It’s July, and to many that means just one thing: the100th edition of the Tour De France!


Established in 1903, ostensibly to sell a cycling based sports-paper, L’Auto, the ‘Tour De France’ has become the annual pinnacle in…


Added by Marcus Cree FRM on July 18, 2013 at 6:02pm — 1 Comment

Climate-Changing Regulatory Standards Challenge Banking Industry

Today’s banking industry must deal with an evolving regulatory landscape by developing new and innovative strategies for acquiring and optimizing capital. Banks must find a new way to raise capital, maintain a functional capital structure, and continue providing the products and services their customers demand while staying profitable. The new deadline for implementing the Basel III capital requirements makes capital management the most important issue for banks today.

Bogie Ozdemir,…


Added by Michele Westergaard on July 18, 2013 at 4:52pm — No Comments

Britain legalises gay marriage as Queen Elizabeth gives assent

LONDON – Britain legalised gay marriage on Wednesday after Queen Elizabeth II gave her royal assent to a bill approved by lawmakers, the culture ministry said.

Same-sex couples will be able to marry from next year after Prime Minister David Cameron pushed the legislation through against the will of dozens of his own Conservative lawmakers.

Members of parliament cheered as they were told the historic bill, pushed through by Prime Minister David Cameron despite opposition within…


Added by Abdulgafar Abdulrauf Adio on July 18, 2013 at 1:41pm — No Comments

Ishikawa Diagrams Explained

Ishikawa Diagrams are often used to investigate how different risk factors can combine together to cause a specific outcome and are common techniques for quality control or defect inquires. The diagrams are quite popular because they are easy to understand and they can also be appraised by technical or non-technical managers alike.…


Added by Martin Davies on July 16, 2013 at 5:27pm — No Comments

Risk Leadership: Qualified Risk Director - What Does It Take?

Risk Leadership: Qualified Risk Director - What Does It Take?

The Qualified Risk Directors Governance Council of the Directors and Chief Risk Officers Group (“the DCRO”) based in the US with members from “over 100 countries” has recently published …


Added by Bryan Whitefield on July 12, 2013 at 8:20am — No Comments

How to Tackle Reputation Risk with a Risk Taxonomy

Fifteen of the world’s top risk managers met recently at the 2013 RIMS Risk Summit. When the topic of reputational risk arose, the group struggled to develop a concrete value proposition, but unanimously agreed that …


Added by Steven Minsky on July 11, 2013 at 7:00pm — No Comments

A failing of risk appetite ...

A recent survey carried out by KPMG and the Economist Intelligence Unit finds that 81% of risk managers and executives fail to effectively capture risk appetite in their business models, what can we do?

In this blog posting I have linked to the new KPMG Expectations of Risk Management survey and included an infographic for…


Added by Martin Davies on July 11, 2013 at 9:47am — No Comments

The most successful internal auditors are not necessarily the smartest or the most experienced auditors -

The Biggest Risks in an Internal Audit May Be the Issues You Miss Richard Chambers, CIA, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. For many years, I taught accounting courses during the evenings at a local university.


I would often tell my students, “The only stupid question is the one that is never asked — unless the question is, 'Would you postpone the next exam?'” My years as a college instructor coincided with the…


Added by Lesego on July 10, 2013 at 12:00pm — No Comments

Supply Chain Risk Management whitepaper ...

An interesting question was sent to me only the other day on Supply Chain Risk Management.

"Martin, do you have any specific risk frameworks or do you know of any good case studies that have been published on Supply Chain Risk Management (SCRM)?".…


Added by Martin Davies on July 9, 2013 at 12:47pm — No Comments

No one-size-fits-all approach for recs

We recently worked with Aite Group on a benchmark survey exploring the reconciliation challenges facing financial services firms. The benchmark threw up a number of interesting findings around issues such as an over-reliance on manual processes, delays in onboarding and issues in handling non-standard and inter-system recs. In this first of a series of blogs on the benchmark findings, I will examine how a ‘one-size-fits-all’ approach no longer fits the…


Added by NeilVernon on July 8, 2013 at 1:47pm — No Comments

It’s all about ORSA now, so don’t let your Solvency II team drift off to do other things

It is interesting to note that in his Jan 31st speech (see page 6-8) Gabriel Bernardino, Chairman of EIOPA, reiterated EIOPA’s intention to issue guidelines to national supervisors to ensure that from 2014 the supervisors and insurance entities are prepared for the Solvency II regime in a consistent way. 

The focus/priority of EIOPA now appears to be the…


Added by SecondFloor on July 5, 2013 at 10:00am — 1 Comment

Change Management and Operational Risk with AllianceBernsten, L.P.

Operational risk management has moved beyond the simple calculation of capital requirements. Today operational risk managers need to have a proactive, holistic approach to operational risk to ensure they maintain their organizations’ profitability and reputation. Recent financial scandals have shown that operational risk could bring tremendous losses and not every firm is capable of recovering from…


Added by Michele Westergaard on July 1, 2013 at 10:00pm — No Comments

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