SecondFloor's Blog (11)

Carry out spot checks on Systemically Important Financial Institutions to ensure your risk management practices are compiled in practice

Systemically Important Financial Institutions (SIFIs), by simply being so labeled, have been forced into the financial services and public spotlight. The debates regarding SIFI status range from the likelihood of lower costs of capital, because of being identified as too big to fail, to whether SIFIs should be forced to make divestments to reduce their size and complexity to the point they are no longer systemically important. Within that particular debate the benefits to the sector of…

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Added by SecondFloor on November 27, 2013 at 2:12pm — No Comments

Tackling Risk Management Technology Challenges: Front-to-Back Integration of Risk Management Systems

Integration is a hot topic this year for risk professionals. In PRMIA’s 2013 survey of buy-side risk management trends, a lack of front-to-back integration of systems emerged as the second biggest technology challenge, pipped only by the need to create a complete view of risk from multiple risk systems.

Poor integration compromises risk management…

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Added by SecondFloor on November 27, 2013 at 2:00pm — No Comments

Tackling Risk Management Technology Challenges: Gaining a Complete View of Risk from Multiple Systems

As financial institutions have become more complex, so have their risk management systems – and that’s a problem.

Organisations that have grown through acquisition and diversification typically find themselves running a huge number of different systems: whether for different asset classes, different types of risk and/or for different operating entities.

That complexity is causing major issues. Research carried out by the …

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Added by SecondFloor on November 27, 2013 at 2:00pm — No Comments

Carry out spot checks on Systemically Important Financial Institutions to ensure your risk management practices are compiled in practice

Regardless of the drama and conjecture within the debates there is one certainty already evident – local supervisors are carrying out spot checks on Systemically Important Financial Institutions (SIFIs), to ensure that their risk management policies and practices are comprehensive, documented and are being complied in practice. 

Can you Benefit from a Supervisory Spot Check? …

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Added by SecondFloor on November 27, 2013 at 2:00pm — No 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…

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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…

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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…

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

Basel Committee Ushers in Next Phase of Enterprise/Integrated Risk Management

The Basel Committee, which creates regulations for banks, has published a set of principles regarding effective risk data aggregation and risk reporting, which will provide a fantastic business case for risk professionals to improve their risk frameworks. I’ve included highlights below, but you can take a look at the full report here.

The principles for effective risk data aggregation and risk reporting will be…

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Added by SecondFloor on August 29, 2013 at 3:06pm — 3 Comments

Is This a French QIS? French Get Chance to Learn from Others’ Mistakes with L’exercice 2013 de Preparation a Solvabilite II

L’exercice 2013 de preparation a Solvabilite II, something close to a French Solvency II dry run scheduled for September 2013, gives French insurers the chance to immediately take advantage of the lessons learned by other European insurers that raced to be ahead of the Solvency II curve. Many of the mid-size and small French mutual insurers (les mutuelles) held back from initiating projects and they can now draw on the best practices that have come out of early adopter projects across Europe…

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Added by SecondFloor on August 29, 2013 at 2:53pm — No Comments

New guidance for systemically Important banks adds to the data management burden

The new category of domestic systemically important banks will increase the data management and disclosure burden on qualifying institutions, at a time when many are already feeling the strain.

Banks that escaped classification as G-SIFIs in 2011 may have breathed a sigh of relief at the time, but for many, that relief will have been short-lived. In October last year, the Basel Committee on Banking Supervision (BCBS) …

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Added by SecondFloor on August 29, 2013 at 2:49pm — 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…

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

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