Risk management/Operational risk
Basel turns its attention to operational resilience
New working group will focus on business continuity in the age of cyber threats
Basel’s archaic op risk taxonomy gets a makeover
Industry moves to revise out-of-date categories that feature risks such as cheque fraud
FCA survey reveals significant increase in tech failures
Cyber incidents represented 18% of incidents reported to the FCA in year to October
Anticipating change – How GRC teams can empower the first line of defence
Financial firms are increasingly adopting the three lines of defence framework to manage risk. But how has the model evolved to date and what does the future look like for this key risk management tool?
The disputed terrain of model risk scoring
There is no concord on how banks should police their model risk. But two Fed economists have an idea
Op risk data: conduct risk losses top $600 billion since 2010
Swift hack targets State Bank of Mauritius; Capital One, Mashreq, hit by AML fines. Data by ORX News
Machine learning hits explainability barrier
Banks hire AI industry experts in face of growing regulatory scrutiny
Op risk data: SEC issues first fine under cyber risk rule
SocGen provisions for sanctions violations; has the SMR prompted more bank CEO resignations? Data by ORX News
BAML exec fears ‘systemic risk’ if margin issue not resolved
Regulators urged to make swift decision on exempting small end-users
Danske admits ‘major deficiencies’ in money laundering case
CEO quits as bank publishes internal investigation into irregular operations at Estonian branch
Do two sizes fit all? Banks aim to standardise vendor risk
Banks created TruSight and KY3P to vet supplier risk with standard questionnaires. Is it enough?
Cyber security begins a shift to the risk department
Normally the province of IT, cyber defence is increasingly seen as a critical part of operational risk
Swift user break-ins a ‘repeat business’ for hackers
Cyber thieves have accessed the interbank messaging system through small, developing world banks
Op risk data: Swiss banks suffer tax-dodging fines
ZKB settlement takes top spot in August loss list. Data by ORX News
Big firms deflect banks’ questions on third-party risks
From exchanges to software sellers, big players hang back on due diligence questions, banks say
SunTrust’s ‘swim lanes’ keep exposures in line
Bank has five bands of risk – a granular approach it says makes it easier to control exposures
New statistical approach proposed to tackle internal fraud
Tests improve on methods to identify anomalous data created by fraudsters
OCC won’t offer further guidance on ‘fourth-party’ risk
Onus is on banks to vet subcontractors during contract negotiations, regulator says
PNC’s risk chief on life as an in-betweener
Regulatory relief has bypassed the 'super-regionals', says CRO
Risktech start-ups struggle to clinch big-bank contracts
Light on cash, risk management fintechs face an extended gauntlet most won’t survive
Op risk data: South Africa’s VBS Bank in $100m fraud loss
Top five events also include John Hancock, Deutsche Bank settlements. Plus PPI roundup. Data by ORX News
UBS’s CRO on the hunt for hidden risks
Swiss bank has rung the changes in its attempt to catch hard-to-measure risks, but “you are never safe”, warns Christian Bluhm
Op risk data: SocGen suffers twin blow with Libor, Libya losses
French bank takes top two slots in monthly loss data roundup. Plus review of H1 losses. Data by ORX News