Blog

Four methods for using external data in a banks operational risk OpVar calculations the saga of external data continues.

Watch the fast-paced Year-end Review at WRIN.tv. 3 stories (Economy/CAT Losses/Growth in '12)... lots of video clips and a Viewer Poll on today's challenges. Worth a visit to www.WRIN.tv...and Register when you do.

World Risk and Insurance News (WRIN.tv) is THE online video news network broadcasting late-breaking news and information for the global risk, insurance and financial services community.

There are stacks of operational risk reporting systems on the market however in general, many of these risk solutions are overpriced and unsophisticated programs. So why not build your own?

In this post, we look at building a risk modelling system from the ground up and believe me, it isn't as hard as you may think.

Focusing on technological innovation, business strategy and geographical markets, this guide provides thought leadership on how capital markets firms can capitalize on real-time data and leverage new risk strategies for a trading advantage.  

Many of you might have experienced your technology team advising that the decision has been made to follow an Agile SDLC rather than your traditional development approach to deliver some upgrade or new technology for your Risk business – what does Agile mean?

Developing and delivering technology based business solutions for risk related initiatives, either regulatory or practically driven, are notoriously difficult to achieve on time, on budget, completing 100% scope and meeting stakeholder expec

Minimize downtime, lower costs, and reduce risk: Those are the three goals your disaster recovery plan must meet. But, as the need for "always on" capability and business continuity has increased, so has the complexity and labor intensity of maintaining a reliable disaster recovery plan. This white paper outlines the ways virtualization can address the challenges of traditional disaster recovery and help your enterprise meet the key goals of a viable disaster recovery plan.

http://bit.ly/Disaste

2012 is set to be a dynamic year in the financial advisory sector. With the FSA’s Retail Distribution Review (RDR) coming into effect in December 2012, IFAs have to up the ante with standardised professional qualifications and increased transparency of charges and services. With time running out to comply, it is not a matter of when, but how to prepare for RDR. In fact I recently attended FIMA Europe in London which echoed this trend. Post-RDR preparation is the number one priority for internal

This is a platform for risk analysis of security critical IT systems using UML, based on the CORAS model-based risk assessment methodology. Contains an XML and UML repository, facilitating management and reuse of analysis results

CORAS Risk Assessment Platform

If you use this software - please leave your comments and reviews.

The number of business measures within organizations is typically growing. Measures are often added on a reaction basis to loss events that have already occurred. Wouldn't it be valuable to be able to focus on forward looking measures? In most organizations, these preventative, proactive measures are indistinguishable when grouped with reactive measures, because the metrics do not formally tie back to any commitments or risks.

What if a risk or activity changes? Organizations have no way of knowi

To learn more about captive insurance companies, please visit my webpage.

Starting in the mid-1970s, and continuing through the UPS case, the IRS fought captives tooth and nail.  Over the course of these cases, they advanced three different legal arguments against captive insurance: the economic family argument, the nexus of contracts and the assignment of income doctrine. 

However, it's important to ask this question regarding the IRS' legal battle: "what was it about captives that the IRS did

Governance, Risk and Compliance- Risk Management Focus

Welcome to the second (and final) update of the 8^th Annual Risk Management Institute of Australasia 2011 Conference here in Melbourne. 

Highlights of Day 2 for me were:

The CRO Forum that kicked off Day 2 was a great session.  Caroline James, Principal Adviser – Group Risk, Rio Tinto, Robert Maurich, CRO at CBH Group (a grain handler/commodity firm in WA), Geoffrey Copp, Head of Risk Management & Compliance at Zurich Australia and Anthony Ventura, CRO Worksafe Victoria debated a range of current r

As members may be aware, I am here ‘Down Under’ attending the Risk Management Institute of Australasia's 8th Annual 2011 Conference, on behalf of the Global Risk Community.  Global Risk Community is the offical Media Partner for the event.

Over 470 delegates from Australia, New Zealand and Asia have gathered at Crown Casino's conference facilities, on the banks of Melbourne’s Yarra River. 

Highlights of Day 1 for me were:

John McAneny of Risk Frontiers talking about what risk managers need to kn

This week has been particularly disturbing on the news front. To sum it up, my faith in politicians and fat cat executives who run our financial system has been pretty shaken.

There are three unique pieces of news that I have stumbled across which are just simply appalling to read. Certainly any hope for a quick resolution to the world's financial problems isn't going to come anytime soon and the entire economy is up for grabs as the dark clouds of recession hang over Europe.

There are a huge array of regulatory mandates planned for the financial sector in the next three to five years and the potential unwanted outcomes are probably going to be diverse and multitudinous.

Ten combined regulatory afflictions would more than likely include this lot:

[1] Closing the proprietary trading desk – Volcker

[2] A CVA charge for the trading book – Basel III

[3] The countercyclical buffer – Basel III

[4] Restrictions on the types of capital that can be held – Basel III

[5] Axing of Tie

I would like to hear some of the more creative answers to this question. Please post your comments.

However, the correct answer is that Tiger Woods and the Global Risk Community are both in Melbourne this weekend. Woods was part of the winning American team playing at Royal Melbourne Golf Course today in the President's Cup.

The Global Risk Community is attending the RMIA Asia Pacific Conference in Melbourne also.  The event was launched this evening by Sharon Aitken, RMIA President - to the large

In spite of the regulatory policies, it's implementation and stress tests etc that were carried out on some banks, yet some Banks world wide are still distressed. What are the causal factors, Economics consequences and Prevention.  

CIS-Partners, a consulting firm specializing in compliance strategies for the pharmaceutical industry, wrote an article entitled, “Don’t Get Burned”. The main focus of this article is to discuss how organizations are shifting to third-party vendors and in turn, how internal auditors need to respond to the risks associated with this process.

View article here: http://www.cis-partners.com/downloads/RiskWatch_June2011_Don'tGetBurned.pdf

CIS-Partners is a sponsor of the upcoming marcus evans Life Sc

Australia's ABC1 broadcast an interesting show tonight that included an interview with Nick Leeson.

 "Europe Correspondent Emma Alberici has assembled a stellar cast of famous and infamous financial luminaries to investigate if rogue traders are really reckless loners or simply individuals pushed to extremes by a reckless and unruly financial sector. What can their behavior tell us about Wall St Investment Banking and the Global Financial Crisis, the crises and collapses in Ireland, Iceland and e