Johan Stromberg Regional Sales Manager Nordics at Numerix joins host and CMO Jim Jockle to recap the 14th Annual GARP Annual Risk Management Convention held in New York City on March 12-13. Johan discusses key regulatory themes impacting today’s global capital markets and the changing role of today’s Risk manager; in addition to the increased focus on Counterparty Credit Risk and the complexity of CVA implementation. In conclusion, Johan expands upon the emergent derivatives landscape in the Nor
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Lately, the "too big to fail" debate has intensified as if only now has an urgent need to find a scapegoat to slaughter emerged. Certainly, the numerous scandals and examples of gross mismanagement at financial institutions invite criticism and derision.
It is critical to have an intelligent and in-depth discussion about whether the top 12 U.S. banks, which make up 70% of all banking assets benefit from government subsidies and bailouts. If we really want to solve the TBTF problem, however, we ne
What the Great Wall of China can teach us about Vendor Risk Management
A vendor risk management approach is all about creating centralized standards that transcend business silos, which is very different from the approach taken in traditional vendor management software. Vendor management needs tools with a risk-based approach to overcome their difficulty of objectively putting the vendor compliance pieces together across legal, purchasing , security reviews, and accounts payable silos for contrac
Properly stress testing measures of risk is a complicated activity that few companies have done well. In this blog we take a look at a complete framework for stress testing.
The spreadsheet map can be downloaded from this [LNK]
TUESDAY, MARCH 12, 2013
Patient Satisfaction
What we need to do improve patient satisfaction, improve quality or cost? There are various researches done on this topic to find out the right cause. The healthcare analytics vary in opinions about this.
Published on Feb 13, 2012 in the Archives of Internal Medicine, by Joshua Fenton, an article, PATIENT SATISFACTION LINKED TO HIGHER HEALTHCARE EXPENSES AND MORTALITY, which described a study conducted by a team of UC Davis researchers, Sacramento, Ca.
I recently read an interesting article in my son’s school’s newsletter. It was a teacher of 28 years’ experience who for the first time in his career had another teacher sit in on a lesson with the purpose of self-improvement via a collaborative approach. In his words:
"So, after 28 years in the wilderness, I took the plunge this week and welcomed a colleague into the protected walls of my classroom. My colleague, many years younger, technologically savvy, and very cool, quietly sat in the back
Banks and the financial regulatory world have changed significantly since I started consulting and training on the Basel accords ten years ago. Unfortunately, the neglect of operational risk remains the same.
All information technology essentially offers an abstraction from an underlying reality, enabling that reality to be understood in simpler, more human centric and hopefully better ways. Some abstractions are good; the early GUI notion of “documents”, “windows” and the “desktop” allowed early PC users to interact with a strange new tool. Some abstractions are simply bad and just confuse or get in the way (Microsoft Bob is a personal favourite)
Some abstractions such as Google’s search box are so
With ESMA’s (European Securities and Markets Authority) regulatory technical standards (RTS) codifying the European Market Infrastructure Regulation (EMIR) into an applicable set of rules entering into force on 15 March 2013, the implementation timeline for EMIR has now become much clearer.
The CCP registration process
Under EMIR CCPs apply for authorisation with ESMA to clear under EMIR. It is expected that this will happen sooner rather than later. CCPs will have the required paperwork ready to
Risk management is not about absolutes, it is about using a consistent analysis framework for balancing risk and cost on a common basis across the enterprise. Yesterday's announcement by the Transportation Security Administration (TSA) of their adoption of a risk-based approach is a long awaited practical application of enterprise risk management to security.
As April 25, 2013, the TSA will allow small pocketknives and an array of sporting equipment -- banned from aircraft cabins in the wake of t
A new renaissance in risk management
Social media sites have become a hot bed for thought leadership on a range of topics including risk, audit and compliance. The article, "A new renaissance in risk management", captures the essence of those discussions and walks the reader through the future state of risk management.
This is an engaging article on the evolution of risk management and gives the reader insights into advances in risk practice.
Recently I read a comment in a LinkedIn Group that stated Chief Risk Officers should be given more authority in order to enforce sound risk management practices. This made me raise my pen.
The notion of authority for a CRO worries me a bit along the lines that the risk management function and internal audit should be separated.
I am more of the school that CROs sell benefits, facilitate better practices and influence good decision-making as broadly as they are able while the assurance function (
A question from a client today kind of goes like this:
"Is it possible to plot three types of risk variables in one chart and if so, what kind of risk chart could we use to achieve this goal?"
This is an interesting query for sure and risk charting is an area of risk management which is fascinating but can be quite complex. There is certainly more than one answer to such a question but today we'll take a look at Polar Charts as a solution.
More information on the Polar Plot can be found by [ clicki
A great TED video, this one by Ernesto Sirolli who tried a different approach (listening) to aid small rural and 3rd world communities, inspired this month's musings.
The first half is entertaining storytelling leading up to some interesting points about the need to listen if you wish to solve problems. I am sure you have experienced many of these scenarios in your risk advising career, however, we can all do with a reminder from time to time.
Why didn't they tell us? Because we didn't ask. Risk M
Those of us interested in EU risk regulation may be interested in the Action Plan that the European Risk Forum (ERF) issued a couple of months ago. The ERF Action Plan builds on and integrates the Commission Smart Regulation agenda, covering issues such as the EU Law on Administrative Procedures; public consultation, impact assessment and regulatory benefits; the role of the Commission’s Chief Scientific Advisor; and the application of the precautionary principle.
The ERF is a think-tank committ
This is your opportunity to see the World Risk and Insurance News reports you may have missed:
- As insurers were praised for handling claims from Hurricane Sandy, banks were blamed for holding up payments to victims. (http://bit.ly/YLadOp)
- U.S. employers are revealing strategies to avoid the increased costs of employee health insurance under Obamacare. (http://bit.ly/121PsUU)
- Dr. MaryRose Reaston from Emerge Diagnostics discussed the consequences of the Mandatory Reporting Act on workers comp claims
Educators reacting to campus emergencies have a new ally. Crisis360, a web-based and mobile application suite for Apple, Android and Windows devices, allows universities to rapidly communicate critical information to ensure safety and maintain business continuity.
PR Newswire (http://s.tt/1A3mT)
PR Newswire (http://s.tt/1A3mT)Financial institutions have to optimize ‘Risk – Return’ and diversify their portfolio. The next presentation of a study illustrates the power of Gold as one of the best asset classes to optimize ‘Risk – Return’ in a given portfolio.
Just widen your knowledge about monetary gold by examining the next presentation I gave on June 19 2012 as a 'Johan de Witt Lecture' before 60 in gold interested actuaries of the Dutch Actuarial Association (Actuarieel Genootschap, AG).
The Dutch Actuarial Associat
Perennial mystery of understanding Trading Markets continues to this date. Does forecasting work?
Yes, forecasting works, as can be seen just at a glance, from the attached ppt file covering period of 2009-2012 for Gold, Crude Oil, EUR/USD, GBP/USD and AUD/USD.
Much higher no. of forecasts which have come true (in blue boxes) as compared to failed forecasts in red colored boxes proves that it is possible to understand market movements to a great accuracy.
Linkedin%20TrackRecord%20RahulC.ppt
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Show us your best presentations or any other work, perhaps a publication by posting a new blog or a discussion and attaching your document.
The best presentation will receive the GRC award and the author will be given our Media Pass to attend one of many Risk Conferences we are partnering with.
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