Operational risk NEWS

Survey looks at enterprise risk management practices in life insurance companies
Lack of a clear and defined vision of risk tolerances, risk appetite and overall risk profile is the greatest failing.
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•Date: 16th May 2008• Region: World •Type: Article •Topic: Financial sector
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Banking Banana Skins 2008
The turmoil in the financial markets has completely transformed the risk landscape, according to the latest ‘Banking Banana Skins’ survey conducted by the CSFI in association with PricewaterhouseCoopers.
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•Date: 7th May 2008• Region: World •Type: Article •Topic: Operational risk
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Financial innovations can open the US insurance market to wider disaster coverage
According to Milken Institute report.
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•Date: 1st May 2008• Region: US •Type: Article •Topic: Operational risk
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Corporate manslaughter: new challenges for boardroom and advisers
Chris Woodcock highlights the business risks engendered by the new UK Corporate Manslaughter and Corporate Homicide Act.
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•Date: 29th April 2008• Region: UK •Type: Article •Topic: Operational risk
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Joint Forum publishes risk concentrations paper
‘Cross-sectoral review of group-wide identification and management of risk concentrations.’
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•Date: 29th April 2008• Region: World •Type: Article •Topic: Financial sector
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2008 Multinational Risk Survey
Chubb has released the results of its annual study of operational risks facing North America head-quartered multinational companies.
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•Date: 29th April 2008• Region: US •Type: Article •Topic: Operational risk
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Supply chain fraud risks are increasing
As companies expand globally, outsource business operations and add new IT systems, they become more vulnerable to fraud, according to a report from Kroll. The latest Kroll Global Fraud Report highlights the growing danger of supply chain fraud to businesses worldwide. Large companies have increasingly become ‘extended enterprises’ as they have globalized, outsourced, re-engineered their business processes, brought business partners and vendors closer and specialised their functions. The result makes them more complex and leaves them vulnerable to an array of frauds ranging from simple theft, to the misrepresentation of inventory to fool investors, through to counterfeiting, grey market diversion and piracy.
www.kroll.com/fraud
•Date: 29th April 2008• Region: World •Type: Briefing •Topic: Operational risk
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Why did the risk manager cross the road?
A cautionary tale by Mel Gosling.
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•Date: 23rd April 2008• Region: UK/World •Type: Article •Topic: Operational risk
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US businesses see supply chain risks rising
And supply chain risk management is lacking: Marsh survey.
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•Date: 18th April 2008• Region: US •Type: Article •Topic: Operational risk
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Global corporations increase self-insurance
Despite falling commercial insurance rates.
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•Date: 16th April 2008• Region: World •Type: Article •Topic: Operational risk
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Risk managing the future
Dr David Hillson explains that risk management is not just about preventing the undesirable, it’s also about steering businesses towards success.
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•Date: 11th April 2008• Region: World •Type: Article •Topic: Operational risk
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Six industry sectors should be on high alert over climate change risks: KPMG
The climate change risks that companies should be paying more attention to are physical, regulatory and reputational risks as well as the emerging risk of litigation.
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•Date: 10th April 2008• Region: World •Type: Article •Topic: Operational risk
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Risk 2018: Planning for an unpredictable decade
A new report from BT Global Services looks ahead at how the risks facing businesses may change over the next ten years.
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•Date: 2nd April 2008• Region: World •Type: Article •Topic: Operational risk
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CERT Resiliency Engineering Framework available for download
The primary purpose of releasing this version of the framework is to begin gathering feedback and suggestions.
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•Date: 18th March 2008• Region: US/World •Type: Article •Topic: Operational risk
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Gartner highlights the risks in virtual environment deployments
Gartner has identified three key challenges that organizations face in using Second Life.
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•Date: 13th March 2008• Region: World •Type: Article •Topic: Operational risk
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Report examines global supply chain risk management
Looks at the importance of hardening the supply chain with a view to ‘strengthening America’s resilience’.
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•Date: 7th March 2008• Region:US •Type: Article •Topic: Operational risk
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Good corporate governance pays
Association of British Insurers research quantifies the results of effective corporate governance.
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•Date: 4th March 2008• Region:UK/World •Type: Article •Topic: Operational risk
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Amended FRCP rocks the data center
Dave Hunt explains why changes made in 2006 are evolving into a real business risk that must be addressed.
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•Date: 29th February 2008• Region:US •Type: Article •Topic: Operational risk
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Project risk management: a practical and effective approach
Vicki Wrona provides a practical and effective framework for managing the specific risks associated with projects.
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•Date: 1st February 2008• Region:US/World •Type: Article •Topic: Operational risk
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‘The risk intelligent approach to outsourcing and offshoring’
Deloitte white paper identifies several trends that have increased outsourcing and offshoring risks.
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•Date: 31st January 2008• Region: World •Type: Article •Topic: Operational risk
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Aon issues political risk warning
Business interruption caused by war, terror attacks and political interference is an elevated risk in 25 of the 50 largest global economies.
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•Date: 17th January 2008• Region: World •Type: Article •Topic: Operational risk
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UK gets new Risk and Regulatory Advisory Council
Aims to improve the way risk is understood and managed by government.
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•Date: 17th January 2008• Region: UK •Type: Article •Topic: Operational risk
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Risk concerns stall uptake of Web 2.0 technology in the workplace
Corporates recognise benefits of Web 2.0 tools, but security and governance concerns are thwarting adoption, a survey finds.
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•Date: 8th January 2008• Region: World •Type: Article •Topic: Operational risk
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Top nine political risks of 2008
Ian Bremmer, the president of Eurasia Group, has outlined what he sees as the top political risks for 2008. Read the PDF
•Date: 8th January 2008• Region: World •Type: Briefing •Topic: Operational risk
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The majority of US businesses lack a clear email retention policy
One year after the launch of the revised Federal Rules of Civil Procedure, more than 65 percent of US businesses remain unprepared to meet strict court requirements for the discovery and handling of electronic evidence.
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•Date: 19th Dec 2007• Region: US •Type: Article •Topic: Operational risk
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John Hurrell to become new AIRMIC chief executive
John Hurrell, currently Head of Marsh Risk Consulting (Europe, Middle East and Africa), has been appointed AIRMIC’s new chief executive.
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•Date: 5th Dec 2007• Region: UK •Type: Article •Topic: Operational risk
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TowerGroup research exposes deficiencies in risk management among financial institutions globally
“Many institutions mandate narrowly-focused risk control and mitigation strategies, and then overreact when unforeseen or damaging events arise.”
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•Date: 4th Dec 2007• Region: World •Type: Article •Topic: Operational risk
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Consistent Quantitative Operational Risk Measurement and Regulation: Challenges of Model Specification, Data Collection, and Loss Reporting
The IMF has made a paper with the above title available.
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•Date: 22nd Nov 2007• Region: World •Type: Article •Topic: Operational risk
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Survey reveals major weaknesses in enterprise compliance policies
Many companies fail to include data recovery as part of their compliance policies.
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•Date: 15th Nov 2007• Region: World •Type: Article •Topic: Operational risk
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The top ten risks facing businesses in 2008
A new report by Ernst & Young has highlighted the major strategic risks that global businesses will face next year.
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•Date: 13th Nov 2007• Region: World •Type: Article •Topic: Operational risk
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Slow progress - but risk and controls continue to climb UK board agenda
Lack of full understanding of risk issues remains a hindrance: KPMG.
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•Date: 8th Nov 2007• Region:UK •Type: Article •Topic: Operational risk
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Health and Safety Commission calls for sensible approach to risk
Risk acceptance is part of risk management.
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•Date: 2nd Nov 2007• Region:UK •Type: Article •Topic: Operational risk
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‘Operational risk: the sting is still in the tail but the poison depends on the dose’
An IMF working paper.
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•Date: 1st Nov 2007• Region:World •Type: Article •Topic: Operational risk
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Many global banks can’t estimate annual risk and control costs
...Says Ernst & Young Survey; respondents cite need for risk convergence.
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•Date: 26th October 2007• Region: US/World •Type: Article •Topic: Operational risk
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‘Risk Management in Emerging Markets’
How are companies from developed markets managing risk as they invest and operate in emerging markets?
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•Date: 26th October 2007• Region: World •Type: Article •Topic: Operational risk
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In the past three years 62 percent of enterprises experienced major risk events: almost half were not well prepared
According to the IBM Global CFO Study; also finds that CFOs are increasingly becoming ‘owners’ of risk management.
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•Date: 25th October 2007• Region: World •Type: Article •Topic: BC statistics
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Survey shows strong link between effective governance and corporate reputation
Reputation accounts for more than 20 percent of a company's market value.
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•Date: 19th October 2007• Region: World •Type: Article •Topic: Operational risk
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UK businesses underestimate the threat of economic crime
Fraud is a real, and growing, business risk according to the 4th biennial Global Economic Crime Survey.
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•Date: 18th October 2007• Region:UK •Type: Article •Topic: Operational risk
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Waiting for the auditor
Continuous compliance is the only way to mitigate the huge business risk and escalating costs associated with multiple compliance audits, argues Paul Gostick.
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•Date: 12th October 2007• Region: World •Type: Article •Topic: Operational risk
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Resilience: a risk management perspective
A multi-layered approach to achieving resilience is required to meet today’s global challenges according to Lloyd’s chairman Lord Levene.
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•Date: 25th Sept 2007• Region: UK •Type: Article •Topic: Operational risk
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UK businesses facing new brand protection risk
Change in UK trademark law means brand owners will need to be much more watchful.
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•Date: 25th Sept 2007• Region: UK •Type: Article •Topic: Operational risk
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COSO releases discussion document
‘Guidance on Monitoring Internal Control Systems’: public comment period to end October 31.
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•Date: 20th Sept 2007• Region: World •Type: Article •Topic: Operational risk
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Survey identifies strengths and weaknesses in UK business risk planning
UK business owners are better prepared than many of their global counterparts when it comes to planning for technology risks, according to Grant Thornton’s International Business Report.
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•Date: 18th Sept 2007• Region: UK •Type: Article •Topic: Operational risk
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AIRMIC offers the opportunity to assess different risk management information software packages
Free event takes place on Friday 28th September in London.
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•Date: 13th Sept 2007• Region: UK •Type: Article •Topic: Operational risk
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Board directors ‘struggling with corporate risks’
45 percent of directors ‘spend more time on risk management’: survey.
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•Date: 20th August 2007• Region: US/World •Type: Article •Topic: Operational risk
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Looking ahead: exploring ‘what if’ in the oil and gas industry
New Ernst & Young document considers the risks and opportunities in various scenarios.
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•Date: 7th August 2007• Region: World•Type: Article •Topic: Operational risk
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‘Step-change’ in level of UK fraud: KPMG
Insider frauds continue to proliferate; creating real business risks.
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•Date: 1st August 2007• Region: UK •Type: Article •Topic: Operational risk
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Basel II implementation in the United States
Mr Randall S Kroszner, Member of the Board of Governors of the US Federal Reserve System, has made a speech with the above title at the New York Bankers Association Annual Washington Visit, Washington DC. Read the speech.
•Date: 19th July 2007• Region: US •Type: Briefing •Topic: Operational risk
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The rise and rise of horizon scanning in risk management programmes
Chris Woodcock explains how horizon scanning is used for identifying future risks, opportunities and improvement ideas.
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•Date: 13th July 2007• Region: UK/World •Type: Article •Topic: Operational risk
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FERMA speaks out against moves towards an ISO risk management standard
Such a standard would be ‘undesirable’.
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•Date: 13th July 2007• Region: UK/W.Europe •Type: Article •Topic: Operational risk
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ALARM Annual Awards 2007
UK public sector risk management award winners announced.
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•Date: 13th July 2007• Region: UK •Type: Article •Topic: Operational risk
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Basel II and financial institution resiliency
Nout Wellink, chairman of the Basel Committee on Banking Supervision and President of the Netherlands Bank, overviews the subject.
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•Date: 28th June 2007 • Region: World •Type: Article •Topic: Operational risk
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Basel II updates
- APRA releases revised Basel II advanced approaches
The Australian Prudential Regulation Authority has released a paper that sets out its responses to submissions on its proposals to implement the advanced approaches under the new Basel II capital adequacy regime http://www.apra.gov.au/ADI/Basel-II-implementation-in-Australia.cfm.
- Recent initiatives by the Basel-based committees and groups
BIS Quarterly Review, part 8, June 2007
http://www.bis.org/publ/qtrpdf/r_qt0706j.pdf
•Date: 14th June 2007 • Region: World/Australia •Type: Briefing •Topic: Op risk
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Risk managers support insurer willingness-to-pay index
Risk managers overwhelmingly support the idea of a willingness-to-pay index for insurers, according to a survey of AIRMIC members.
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•Date: 12th June 2007 • Region: UK •Type: Article •Topic: Operational risk
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APRA releases Basel II market disclosure proposals
The Australian Prudential Regulation Authority (APRA) has released a discussion paper and draft prudential standard setting out its proposed approach to market disclosure under the new Basel II capital adequacy regime. The approach applies to all locally incorporated authorised deposit-taking institutions in Australia.
The proposals aim to enhance transparency and market discipline in Australian financial markets through high quality and timely market disclosure on the risk management practices and capital adequacy of ADIs. Both the discussion paper and the draft prudential standard are available on APRA's web site at http://www.apra.gov.au/ADI/Basel-II-implementation-in-Australia.cfm
•Date: 7th June 2007 • Region: Australia •Type: Briefing •Topic: Operational risk
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Good risk management is an essential criterion of market-leading businesses
Market-leading businesses don’t rely on luck - they carve out success for themselves and risk management is an essential aspect of this: Ernst & Young.
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•Date: 6th June 2007 • Region: World •Type: Article •Topic: Operational risk
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Banana Skins 2007
PricewaterhouseCoopers survey gives an overall ranking of risks facing the insurance sector.
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•Date: 29th May 2007 • Region: World •Type: Article •Topic: Operational risk
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Emerging risks impeding business development: Lloyd’s
There is a significant gap between risk awareness and an actual understanding of the key threats.
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•Date: 11th May 2007 • Region: UK •Type: Article •Topic: Operational risk
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Long term business risks of climate change need to be faced, not ignored
US and UK Companies need to face up to the realities of climate change and the risks that it poses says UK government minister, Ian Pearson.
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•Date: 11th May 2007 • Region: UK/US •Type: Article •Topic: Operational risk
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Concern expressed over security risks in MiFID compliance
MiFID will expose existing security flaws as well as introducing new threats that will need to be managed.
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•Date: 4th May 2007 • Region: Various •Type: Article •Topic: Financial sector
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'Adapting to Changing Risk Environments: Operational Resilience'
A new podcast from CERT.
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•Date: 2nd May 2007 • Region: US/World •Type: Article •Topic: Operational risk
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Six month countdown to data protection crisis begins…
KPMG warns that UK-based public and private sector organisations are facing a data protection crisis that will affect the way they store paper based files.
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•Date: 26th April 2007 • Region: UK •Type: Article •Topic: Operational risk
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Multinational corporations are facing increasingly diverse, complex and exotic risks
But damage to reputation tops the threat list: Aon Global Risk Management survey.
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•Date: 26th April 2007 • Region: World •Type: Article •Topic: Operational risk
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Profile of a fraudster: trusted male manager – and getting away with it for years
International KPMG study shows over half of company fraudsters commit twenty or more frauds.
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•Date: 19th April 2007 • Region: World •Type: Article •Topic: Operational risk
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Companies still in the dark about their overall health
Reputation risk is the most important non-financial performance measure, but company monitoring of the issue is inadequate: Deloitte survey.
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•Date: 4th April 2007 • Region: World •Type: Article •Topic: Operational risk
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AIRMIC calls for more data on business insurers willingness to pay
“Many risk managers would put this as their top priority.”
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•Date: 16th March 2007 • Region: UK •Type: Article •Topic: Operational risk
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Oil companies told to address risks holistically
Effective risk management can provide strategic advantage: Marsh chairman.
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•Date: 6th March 2007 • Region: M.East/World •Type: Article •Topic: Op.risk
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Risk management and financial stability - Basel II and beyond
Dr Nout Wellink, president of the Netherlands Bank and chairman of the Basel Committee on Banking Supervision, has made a speech with the above title at the GARP 2007 8th Annual Risk Management Convention and Exhibition. Read the full text at http://www.bis.org/review/r070228a.pdf
•Date: 1st March 2007 • Region: World •Type: Briefing •Topic: Operational risk
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‘Emerging Governance Practices in Enterprise Risk Management’
An overview of a major new study by The Conference Board.
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•Date: 16th Feb 2007• Region: US/World •Type: Article •Topic: Operational risk
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Doing Business in South Asia 2007
World Bank reports on compliance and business risks for businesses operating in South Asian countries.
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•Date: 14th Feb 2007 • Region: SE Asia/ Asia •Type: Article •Topic: Op. risk
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MIT develops measures to predict performance of complex systems
Will help in managing project risks.
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•Date: 6th Feb 2007 • Region: US/World •Type: Article •Topic: Operational risk
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Blue chips asked to disclose climate change risks
World’s largest investor coalition, representing $41 trillion, seeks information from 2,400 of the largest quoted companies in the world.
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•Date: 1st February 2007 • Region: World •Type: Article •Topic: Operational risk
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UK fraud cases reach record levels
40 percent of business fraud committed by managers.
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•Date: 30th January 2007 • Region: UK •Type: Article •Topic: Operational risk
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SPRING Singapore & IPOS launch new intellectual property management programme for SMEs
Intellectual property is a critical business asset which requires protection. However, because it is an intangible asset, it is often not given the focus it requires in business continuity and risk management plans, especially within small and medium sized enterprises.
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•Date: 30th January 2007 • Region: SE Asia •Type: Article •Topic: Operational risk
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Modeling constraints and statistical issues of consistent operational risk measurement
A working paper by Andreas A. Jobst, International Monetary Fund - Monetary and Capital Markets Department.
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•Date: 25th Jan 2007• Region: World •Type: Article •Topic: Operational risk
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Political risk improves worldwide: Aon
But significant challenges continue to emerge…
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•Date: 24th January 2007 • Region: World •Type: Article •Topic: Operational risk
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AIRMIC sets up company to promote risk management learning
Current executive director, David Gamble, to step down to manage the new enterprise.
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•Date: 16th January 2007 • Region: UK/World •Type: Article •Topic: Operational risk
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Global Risks 2007
World Economic Forum report assesses 23 ‘core’ risks facing companies around the world.
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•Date: 16th January 2007 • Region: World •Type: Article •Topic: BC statistics
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Adoption and spending on operational risk management will increase substantially in 2007
According to AMR Research study.
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•Date: 5th January 2007 • Region: World •Type: Article •Topic: Operational risk
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2006 NEWS ARCHIVE

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