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Since the 2008 financial crisis, private banks have been confronted with a growing flow of regulatory requirements relating to customer identification, the fight against money laundering, the fight against the financing of terrorism, prevention of corruption, compliance with tax compliance, etc. In other words, regulators require banking institutions an ever-deeper knowledge of their customers (KYC). 

These compliance requirements impose a higher and higher cost on banks, not only because of the

White Paper: 3 Keys to a Best-In-Class Internal Control Program

An effective internal control program is a key component of strong operational performance and reliable financial reporting, driving confidence in the ability of a company to achieve its objectives. But the road to sound internal control is paved with many challenges such as administrative burden, cumbersome reporting and low visibility.

Download the free White Paper: 3 Keys to a Best-In-Class Internal Control Program, that detail

Dear Global Risk Community Member,

The genius of Microsoft Excel for entity management is that it’s easy to use and there are free templates that exist online to get you started.

And yet, research shows that 23% of spreadsheets contain errors, companies spend an average of 18 hours trying to correct these errors and 72% of users regularly email spreadsheets with highly sensitive information, without considering the risk of breaching data regulations.

Download “Microsoft Excel & Entity Man

Mark Bouris of Yellow Brick Road Wealth Management and ex Wizard Home Loans, a renowned market disrupter, gave a speech at the Risk Management Institute of Australasia (RMIA) National Conference in Melbourne last week. He made an appeal to the audience of risk management professionals.

Before the appeal, he gave a lesson on how financial markets work with respect to home mortgages. Then he explained how he disrupted the home loan market with Wizard Home Loans in the late 1990s and 2000s through s

Columbia University has awarded me a Dean's Grant to assess advancements in ERM practice and Risk Governance. This survey is designed to evaluate current and planned advanced practice in ERM Risk Governance. The results from this survey will be used to improve instructional design for ERM students and to provide guidance to students about the skills and competencies needed to prepare for a career in risk management.

Your participation will help advance our instruction and provide participants in

This is just a quick reminder to share with you about the VIP invitation to the Mastering Operational Risk Course  http://globalriskacademy.com/courses/orm

We've got many questions about this course so I wanted to answer them here before we run out of the 100 licenses limit for the RISKID tool for this year.  

 

Q: “Does this course include only theory?”

A: Absolutely not. You will learn many practical skills which you can apply immediately, for example, on how to conduct RCSA or Risk Self As

Enterprise risk management isn’t something a lot of us think about. It isn’t really a glamorized job role or department, which is why most people do not know how essential it is for businesses. If a risk management department does its job well the business operates smoothly, without facing any bumps. However, if a risk management department fails to do its job it has severe consequences for the business and can even result in the business shutting down. This means that most people only hear abou

I AM RETIRING SO HERE ARE SOME PARTING SHOTS

FIRST

I posted an essay with a similar title at academia here

https://www.academia.edu/6351124/There_is_no_risk_free_rate_of_return_available

There should be a risk free investment because its absence is slowing the world's economies.

You can read more here:

http://macro-economic-design.blogspot.com

and here:

https://bwwsociety.org/bwwsociety.org/journal/current/2019/sep-oct/replacing-fixed-interest-bonds.htm

SECOND

HOW DAMAGING IS MONEY LAUNDERING LEGISLATION?

                         A Message From Our Partner

Dear Global Risk Community member Do you have training budget left for 2019, but want to be sure you are getting a good ROI? Look no further. IFF Training has been delivering training since 1991 and can proudly say they have the world's top banks as customers.  Take a look at the Risk Management catalogue or read on to see what courses are available for the rest of 2019. Download the Risk Management Catalogue

Enterprise Risk Management is a major part of risk management framework which organizes, plans, controls and leads the functions of an organization in order to reduces the possible risks that may affect the organization. Many organizations claim that they find ERM easy and implements it in the easiest way but it’s not the actual story. It requires a rare combination of organizational hierarchy and strong executive management. The most explicit concerns that generally a company faces are normally

Most people do not understand why organizations need dedicated erm software solutions to manage enterprise risk, but that is only because most people do not understand how vital enterprise risk management can be. Managing risks is simple in our personal lives and for small businesses, because only a few risks need to be worried about. There is no need to quantify and assess these risks, because it is easy to keep track of them all due to their low quantity and small size. However, when we start

While the concept of “leading alongside” is a noble one for an internal adviser, it is not accomplished easily overnight. You see, the problem is the “unconscious” in “unconscious bias”. The decision makers you are trying to influence are not aware of the unconscious biases that may be clouding their judgement unless they have been trained to understand their sources and to recognise them. It is useful to understand and recognise the sources of their biases: genes, beliefs and aspirations.

Our un

Almost every business in the country is bound by regulations. There are regulations that govern the way a business can treat its employees, the way it can operate in its environment, and so on. Different industries have varying amounts of regulation. There are industries where regulation is minimal, and businesses are generally not worried about regulatory bodies breathing down their neck. Then there are industries where everything is governed by regulations – where there are so many regulations

Last week my blog was about what your risk function should look to deliver in the 2020s. In it I suggested risk functions should deliver:

“The kind of leadership that will ensure a culture where everyone leans in and takes accountability for managing the uncertainty surrounding their decision making”.

Realistically, how are we going to do that? By changing the risk profession so it becomes markedly more valuable and hence influential at board and executive level. So we become desirable. So we are

The Risk Management Society (RIMS) held their annual 2019 Risk Management Conference from April 7 to 10 in Boston. This year I was honored to be selected to speak on the effects of the See-Through Economy, “How to Mitigate Reputational Risk.”

The Risk Management Society holds one of the largest risk events of the year. Its purpose is to provide anyone tasked with risk responsibility, or who provides services to risk professionals, the skills and tools necessary to effectively integrate risk mana

In a recent poll, LogicManager found that among 78 senior executives, 70% believed their organization’s goals would be impacted by a recession and yet nearly sixty percent either did not have a plan or were unsure if a change management plan was in place to prepare.

Adequately preparing for change happening within and outside of a company is not a new goal. Yet many companies struggle with achieving it. So here’s something new: by incorporating change management into your enterprise risk manageme

ISACA, a leading nonprofit organization dedicated to the development, adoption, and use of industry-leading information security knowledge and best practices, opened up its 50th anniversary celebration this year with their 2019 North America CACS Conference. I was fortunate enough to be invited to speak to the more than 1,500 cybersecurity professionals in attendance about how to operationalize their cybersecurity programs and turn policy into action.

The North America CACS Conference is the prem