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On October 30, 2013 the Office of the Comptroller of the Currency (OCC) published a bulletin to the CEOs and CROs of all national banks stressing the need for an enterprise risk management approach to vendor management. In the bulletin, entitled, OCC: Third-Party Relationships: Risk Management Guidance, the office recognizes, “integrating the bank’s third-party risk management process with its enterprise risk management framework enables continuous oversight and accountability.”

How does the OCC

In today’s organizations, risk managers are tasked with the responsibility of effectively monitoring risk.  They need to know what to monitor and how to determine if mitigation activities are effectively preventing risks from materializing. Traditionally, organizations evaluate risk monitoring activities through controls testing, but this provides little more than a false sense of security for organizations.

A major weakness in just using Testing to monitor risk mitigation activities, is that tes

Risk Leadership: Beyond Resilience

I have long described the aim of Enterprise Risk Management to be to develop an Adaptive and Resilient organisation (check out my RMP Healthcheck).  In recent times the concept of Organisational Resilience has become popular, in particular for those in government and the owners and operators of critical infrastructure.  Both concepts, in my opinion, have similar aims, drivers, benefits and barriers and are about nurturing a successful organisation for decades a

We spent a few minutes chatting with Erik Gordon, Chief Technology Officer at Trillium Trading, and John Superson, Co-Founder of Sumo Capital.

Download the transcript of the interview here.

Key topics of discussion included:

• Insights on Trillium and Sumo’s trading strategies
• The 3 biggest challenges facing the industry right now
• Speed limit regulations
• The top 3 influencers in US trading; and
• What advice Erik and John have for someone looking to get into trading
  
  

Download the document here to find out wh

With the growing adoption of smart phones, iPads and video-enabled devices, banks now have the ability to implement new channels, including video, for connecting with their customers. And, with the desire to create powerful emotional connections with the customer, video may just replace the telephone.

Telephony service remains a vital way for customers to connect with their bank. However, a video ‘chat’ with a customer presents the opportunity for a bank to deliver a more impactful and empathetic

The leaders in mobile wallet technology? Undoubtedly retailers.  Starbucks and McDonald’s are already building these wallets in response to customer demand.  But with mobile wallet use predicted to rise in 2014, should banks or mobile operators—who are better positioned to offer levels of security customers expect—be building them instead?

The challenge is that the business case for building a mobile wallet shows little direct financial benefit on its own to a bank or MNO (mobile network operator

No excuse for bad behavior in a crisis

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Cbonds-Congress, part of an Informational Holding Cbonds, and professional international risk-managers’ association PRMIA invite you to attend Russia Risk Conference 2013, which will take place on the 14th of November in Moscow, at Courtyard Marriott Moscow City Center (Voznesensky per., 7).

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Russia Risk Conference will once again bring together recognized experts and risk management professionals, who will discuss the most pressing and important topics of the industry in a friendly business at

As the recent National Security Agency scandal has highlighted, the surveillance of citizens and business by governments and regulatory bodies is as contentious as ever.  In their own way, banks have been grappling with this issue ever since the FCA mobile taping regulation was introduced. 

Two years after the FCA made all mobile communications recording mandatory for employees involved in trading, between one and two thirds of the target audience have yet to be fitted with recording technology.

While security clearance and authentication processes are essential to physical and other security, the physical DC Navy Yard breach by Aaron Alexis and the state secret breaches by Edward Snowden illustrate some disturbing weaknesses in personal validation and authentication. These clearance breaches were very different in nature but show a range of how a person’s calculated action can subvert basic security measures.

Neither top secret clearance, sophisticated authentication nor the most adva

Crown Equity Holdings Inc. (CRWE)

Looking to deliver value for its stockholders in both the near and long term, CRWE is refocusing its strategic plan for future growth and services with its original online business-to-business (B2B) marketplace platform for manufacturers and small to large businesses on a global basis to sell and acquire various types of merchandise. CRWE has started updating its B2B business plan and strategies to move forward.

B2B is the term for transactions between businesse

11 October was the deadline for CP13/5 responses on the FCA’s proposed changes to, amongst other things, CASS 7.  It’s highly likely that the FCA will get its way and push through material changes to the current CASS 7 Client money rules.  And rightly so as they want firms to reconcile client money faster, more accurately and with improved record keeping – all to ensure consumers are not let down by those holding their money.

The client money reconciliations and recordkeeping section of the consu

Having standardized risk assessments and well documented mitigation and monitoring activities will equip your organization with a lot of risk intelligence. The question becomes, how do you report all of this information to your board and communicate it to your commissioner in a way that demonstrates the value of your ERM program? First, risk managers must be able to demonstrate how risks across the organization roll-up to impact the Board’s strategic objectives; and second, ERM functions must tr

With the Affordable Care Act (ACA) continuing its implementation this week with the start of the open enrollment period, there has never been a more critical time for Healthcare Institutions to have a firm handle on their risk environment and the implications of those risks.

Since its enactment in 2010, the ACA has fundamentally shifted how many hospitals must conduct day-to-day operations. For example, hospitals must now shift their patient records systems to electronic medical records, which in

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control – Integrated Framework document all the way back in 1992 to assist publicly traded organizations adhere to the Sarbanes-Oxley Act (SOX) Section 404. COSO considers internal controls to be an integral part of enterprise risk management (as does LogicManager), and as such, any changes to the Internal Controls best practices has a direct effect on organizations with Enterprise Risk Management p

As we move into the 4^th step of ORSA implementation, Risk Monitoring, Control, and Action Plans, we begin to see the importance of adhering to best practices when executing Risk Culture and Governance, Identification and Prioritization, and Risk Appetite and Tolerances.

With the necessary structure in place to track and collect risk intelligence, the next step involves orchestrating a plan for improvement. Why is a plan for improvement so critical? Besides limiting the risk exposure of your organ

Banks are under huge political and social pressure to demonstrate their role in the wider economic progress of nations and their citizens. Unless banks adopt active policies to rebalance the negative economic and social consequences for the segments they currently exclude from their normal course of business, governments will intervene still further in the financial services industry. And they will do so by public demand.  

Around the world, there is a clear message to banks: “Help me fulfill my

Q3_2013%20commentary.pdf

With the Affordable Care Act (ACA) continuing its implementation this week with the start of the open enrollment period, there has never been a more critical time for Healthcare Institutions to have a firm handle on their risk environment and the implications of those risks.

Since its enactment in 2010, the ACA has fundamentally shifted how many hospitals must conduct day-to-day operations. For example, hospitals must now shift their patient records systems to electronic medical records, which in