September 2013 Blog Posts (15)

Top Challenges in Risk - The Results Are In

I have been running a survey and with more than 100 completed I am getting an interesting picture of the challenges my readership is facing. Here are the results and my interpretation of what they mean.

First of all, I should answer the question “What does the profile of respondents look like?” Put simply, my readership base and those that responded are typical of the risk profession. You are a mix of senior risk professionals in larger organisations, risk advisors who work for senior…


Added by Bryan Whitefield on September 30, 2013 at 6:05am — No Comments

RMORSA Part 3: Risk Appetite and Tolerance Statement

The third step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) is the implementation of a Risk Appetite and Tolerance Statement. This step is meant to sets boundaries on how much risk your organization is prepared to accept in the pursuit of its strategic objectives.

An organization-wide risk appetite statement provides direction for…


Added by Steven Minsky on September 27, 2013 at 5:00pm — No Comments

RMORSA Part 2: Risk Identification and Prioritization

The first step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, Risk Culture and Governance, lays the groundwork and defines roles for your risk management function. The second step, Risk…


Added by Steven Minsky on September 27, 2013 at 5:00pm — No Comments

RMORSA Series 1: Risk Culture and Governance

The National Association of Insurance Commissioners adoption of the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) requires insurance organizations to take a broader approach to risk management. As US insurers begin to mobilize their efforts to comply with the…


Added by Steven Minsky on September 27, 2013 at 5:00pm — No Comments

3 Biggest Obstacles to Strategic Risk Management

Strategic Risk Management and Enterprise Risk Management are invariably linked. Organizations focusing on Strategic Risk Management (SRM) understand that it's not always an individual risk that results in a loss event, but the failure to adequately account for a number of related risks, goals, or requirements.

Examining the adoption of SRM, Rodd Zolkos of Business Insurance…


Added by Steven Minsky on September 27, 2013 at 4:30pm — No Comments

EMIR timeline push-backs: blessing or curse?

The European Securities and Markets Authority (ESMA) has done it again. They quietly published a revised European Market Infrastructure Regulation (EMIR) timeline which postpones commencement of Trade Repository (TR) reporting until February 2014. This is no surprise as the recent third round of their Questions & Answers (Q&A) still left uncertainty among market participants.

There is no doubt that the regulation comes at a significant cost and requires wide-ranging…


Added by Henner Bruner on September 26, 2013 at 1:14pm — No Comments

The data-generating generation – what does it mean for banks?

Baby-boomers will soon be transferring their assets to generations X and Y, primarily defined by their exposure to technology and the web from an early age. As banks’ relationship management styles gravitate towards digital mediums, their next priority should be the associated customer data. How can banks adapt their IT infrastructures to manage the amounts of data new generations are generating?

In today’s digitalised world customer data is increasing daily. Social media alone…


Added by Alexandre Vandeput on September 24, 2013 at 5:47pm — 3 Comments

Enterprise Risk Management and Solvency II

Insurers need to comply with multiple regulations like Solvency II by implementing effective Enterprise Risk Management frameworks. But what is Enterprise Risk Management?

Enterprise Risk Management is a risk management approach meant to encompass all risks and opportunities across the entire enterprise — including the governance, risk and compliance (GRC) aspects. One of the Enterprise Risk Management best practices is to embed the process into strategic planning. Enterprise Risk…


Added by SecondFloor on September 20, 2013 at 1:49pm — No Comments

Will Your Corporate Memory Serve You Well When Solvency II Returns?

Of course, Solvency II has not gone away. The new solvency requirements will be implemented. But the lull in urgency to meet an enforcement date is triggering a predictable and understandable reaction from those insurers that are responding to Solvency II with a compliance approach rather than a best practice corporate governance and risk management approach.

The ‘compliance only’ firms are easing off their SII projects, taking a well earned break from the stress and expense, and…


Added by SecondFloor on September 20, 2013 at 1:47pm — No Comments

Capability Management emerges as a new discipline for economically challenging times

The economic climate and tightening regulations are prompting large enterprises to invest in capability management tools - a new category of software that helps senior decision-makers to understand the organisation’s readiness to implement new initiatives.

Large, complex enterprises run a huge risk every time they implement a new strategic initiative. The risk is that something important will have been overlooked in the planning stage that will cause the initiative to fail, run over…


Added by SecondFloor on September 20, 2013 at 1:30pm — No Comments

Critical Social Risk Learnings from Chobani Mold Crisis

Wall Street Journal - Risk & Compliance Journal

Chobani’s recent problem of mold in its yogurts shows the early warning that can come from social media but also the difficulties consumer companies can face in responding quickly enough to satisfy their consumers. The company announced its voluntary recall on Sept. 5 after it began notifying stores to take product off the shelves late in the week of Aug. 26, but an analysis of social media done for Risk & Compliance…


Added by Vince Schiavone on September 18, 2013 at 11:05pm — No Comments

Taking a more responsive approach to nearshore

Nearshore delivery models remain a valid response to many of the pressures financial institutions face today. The challenge is that they tend to focus on areas such as application maintenance rather than transformation. How can organisations sustain truly transformational IT projects that call for continuous and agile interaction between the business, architects and development teams?  

Financial institutions must take a more responsive approach to nearshore. Flexible styles…


Added by Claus Hintermeier on September 17, 2013 at 2:42pm — No Comments

Sailing Through the Shrouds – Risk Management and the Americas Cup

Of all the global sporting contests, few parallel investment banking as well as the America’s Cup regatta. The latest round of the world’s oldest sporting competition kicks off in San Francisco this month and provides a timely, unique comparison to the evolution of risk management in the global financial services industry.

In 1851, an American schooner raced with…


Added by Marcus Cree FRM on September 17, 2013 at 11:20am — No Comments

Three IT Imperatives CIOs Use To Drive Change Throughout the Enterprise

CIOs who have been successful in bridging the divide between IT operations and business did it by accelerating the transformation of IT. This white paper documents three common IT imperatives that leading CIOs use to drive change and assert themselves as strategic leaders in the business. 

In this white paper, you will find out how to:

  • Consolidate to drive enterprise visibility and…

Added by Boris Agranovich on September 14, 2013 at 10:30am — No Comments

Elementary Education In-Equity in India

An approach to analyse need of the day in terms of  “Scheduled Caste and Scheduled Tribe” and "Education system as a whole"
The first question that came to my mind was “Can nature of exclusion and discrimination can be solved only by providing more schools?”

Yes, by setting up more school we can see the improvements to…

Added by Vivek Tyagi on September 6, 2013 at 3:50pm — No Comments

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