October 2011 Blog Posts (17)

Attention all risk and compliance professionals: Compliance report

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Compliance Circle

Added by Edwin Etadafe on October 30, 2011 at 7:03pm — No Comments

On 28th October 2011, FATF published latest list of jurisdictions identified as AML/CFT Compliance deficient. See highlights below.

Highlights of new FATF list of jurisdictions that are AML/CFT Compliance deficient: -


Iran and North Korea remain on list of jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions.


Nigeria and Sao Tome added to list of jurisdictions identified by…


Added by Gary Youinou on October 30, 2011 at 2:23pm — No Comments

Is Your Business Model Sound ? Looking in the Rear View Mirror.

In this month’s newsletter I have given some thought to the identification of flawed business models and the concept of Business Model Risk.  I got some great feedback and ideas from GRC members last month on the subject.

Key questions to be asked include:

  • How sound and sustainable is the underlying growth and profitability ?
  • Does the business truly own a piece of the value chain or is it essentially just a trader ?
  • Does the business need to continually…

Added by Peter Deans on October 26, 2011 at 11:49am — No Comments

What Cantaloupe and Citigroup has in Common

Two stories in the news recently have caught my eye: one involving a listeria outbreak caused by tainted cantaloupe, and the other involving Citigroup…


Added by Steven Minsky on October 26, 2011 at 7:00am — No Comments

Integrating Risk Buckets Into One Comprehensive Dashboard

Interview with Julie Vishnyakov, Vice President, Co-Head of Market Risk at Constellation Energy

Ms. Vishnyakov answered a series of questions written by marcus evans before the upcoming 4th Annual Risk Management in Energy Trading Conference, November 8-9 in Houston, TX. All responses represent the view of the Ms. Vishnyakov and not necessarily those of Constellation Energy. (Note that the responses have been approved by Constellation Energy.)

What has made creating an… Continue

Added by Michele Westergaard on October 25, 2011 at 4:54pm — No Comments

Emerging Companies Can Delay SOX Compliance

New companies with a market capitalization under USD 1 billion will now be able to opt-out of regulations within section 404 of the Sarbanes-Oxley (SOX) Act for the first ten years after going public. This option was previously available to companies under USD 75 million.


Congressman Ben Quayle introduced the Startup Expansion and Investment Act to, “make it easier for emerging companies to access the capital necessary to expand and create jobs”. Quayle noted that removing…


Added by Michele Westergaard on October 24, 2011 at 4:23pm — No Comments

Breaking Down Assumptions in Risk Workshops

Lack of knowledge means more uncertainty means greater risk. Assumed knowledge can be even more dangerous than lack of knowledge and risk workshops are a safe haven for assumptions because of time limitations and dominant personalities. Here are four sources of assumptions with some tips on how to handle them during a risk workshop:

1. Seniority - When you have senior people in the room, too many people a ssume they are right, or will give them the benefit of any doubt in their mind…


Added by Bryan Whitefield on October 24, 2011 at 5:57am — No Comments

5 Steps for Better Risk Assessments

Risk managers are charged with ensuring transparency, alignment, and forward looking views throughout the organization.  The way this is achieved is through risk assessments. 

Successful enterprise risk assessments can be a powerful tool for board and management level strategic decision making by connecting business activities to goals and identifying the risks that threaten to derail these strategic objectives.  An…


Added by Steven Minsky on October 21, 2011 at 9:00am — No Comments

FRM Practice Questions

The FRM test date is coming up quickly, so Abara is offering free FRM practice questions & answers. Just follow @AbaraLearning on Twitter for daily practice questions from our FRM experts. Be sure to check in daily, we'll be posting answers the following day and new questions until the test date on November 19th.



Added by Mike Burrill on October 19, 2011 at 8:37pm — No Comments

Call to update climate change risk plans

Businesses need to update carbon and climate change aspects of their risk management plans because many still have only basic contingency plans, which will be insufficient when the Federal Government’s proposed carbon scheme becomes law, says a renowned expert.

Tony Coleman is a non-executive director of Low Carbon Australia and was Insurance Australia Group's chief risk officer and chief actuary from 2000 to 2008. He was part of the…


Added by RMIA 2011 on October 18, 2011 at 1:56am — No Comments

Key issues facing executives in the risk management communuty

We are undertaking some research into the primary challenges faced by insurance/reinsurance professionals and plan to prepare a series of informative white papers addressing the issues which we hope will be of great value to the community.

Key questions will include  

  • What significant changes are occurring in your

  • What are the major financial challenges faced by

         members of the community today?
  • Have people in the community…

Added by Alan smith on October 17, 2011 at 9:03pm — No Comments

MY VISION - By Edward C D Ingram

I envisage that we can by sometime next year (if we put our minds to it) create a self adjusting economy that needs little intervention and that can adjust to changing rates of inflation and other impacts much more easily than the economy that we have now.


To spell it out with forceful intent I called it Ingram's Law.


What is that?


It is the need to structure all of our debt instruments, taxes, accounting systems and stores of wealth in such a…


Added by Edward C D Ingram on October 17, 2011 at 8:34pm — 1 Comment

Sovereign Debt Default is TOTALLY NOT the way forward

In any case we need large tracts of Sovereign Debt as the basis for safer pensions and other critical savings. But there is a condition to be met...http://edward-ingram.blogspot.com/p/our-new-world.html

Added by Edward C D Ingram on October 17, 2011 at 8:17pm — No Comments

8th Annual RMIA Conference - the risk management event of the year!

RMIA is proud to offer all GRC members the members discounted rate!

Earlybird closes tomorrow so register today!


20-22 November 2011

Crown Towers,…


Added by RMIA 2011 on October 13, 2011 at 8:58am — No Comments

Risk Appetite Process and Enterprise Risk Management

Risk Appetite is often addressed as a quantifiable number that is a guide to the nature of risk that a company will undertake. To use the 'appetite' analogy: What is the nature of your diet restrictions and how do you interpret these when ordering your next meal?

In the application of Risk Appetite, the questions become:

  • How is Risk Appetite central to business decisions;
  • How is Risk Appetite central to business operations;…

Added by Steven Money on October 11, 2011 at 10:36pm — No Comments

Regulation E: Using It To Our Best Advantage To Reduce Our Client Based ATM Fraud Risk Without Affecting The Legitimate Client

Reg. E ( specifically 205.11 Procedures for resolving errors

) as those in the business who know like to call it is, in short, the law gives

consumers protection and certain rights regarding claims of fraud and/ or

errors on their bank accounts.

When this provision was first

established, it was a victory for the honest consumer because some banking institutions

may have made it incumbent upon the consumer to prove they…


Added by Harry J Houck Jr. on October 7, 2011 at 6:27pm — No Comments


In an earlier blog post, the idea of managing both quantity and quality of risk was introduced.  

But what exactly is Risk Quality?  

At the most simple level, risk quality can be indicated as the rate of risk per unit of activity.  


Risk Quantity = Business Activity Level x Risk Quality


So the suggestion is that a risk management system should pay close attention to that rate of risk as well as the Quantity of risk.  See Riskviews Post on…


Added by Riskviews on October 1, 2011 at 8:34am — 1 Comment

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