Latest Operational risk News: Finextra Research

Stretched back offices win reprieve as FSA warns banks on staff cuts

The Financial Services Authority has warned UK investment banks to improve their risk pricing procedures and stop firing middle and back office staff involved in crucial valuation control functions.

26 August 2008

News/Operational risk

Wall Street IT budgets holding up

Despite write downs and personnel cuts following the credit crunch, Wall Street firms are continuing to invest in IT - particularly risk technology - and expect budgets to increase next year, according to research released by IBM and the Securities Industry and Financial Markets Association (Sifma).

10 June 2008

News/Operational risk

Sell-side to increase spending on equity analytics - Tabb

With the emphasis on managing risk at an all-time high, spending on equity analytics by global sell-side firms will rise at a compound annual growth rate (CAGR) of five per cent through to 2012, says a new Tabb Group report.

10 June 2008

News/Operational risk

State Street Global Markets acquires SSISearch

Investment research and trading outfit State Street Global Markets has acquired UK reference data provider SSISearch. Financial terms of the deal were not disclosed.

22 May 2008

News/Operational risk

Outsourcing and offshoring take centre stage at Finexpo

Finexpo - Outsourcing Strategies, a new one-day conference and exhibition from Finextra on 5 June in London will feature keynote presentations from Deutsche Bank, IBM and Société Générale. It will also feature panel discussions covering best practice and the latest outsourcing trends on the sell-side and buy-side - from business processes such as trade execution, risk management and analysis through to back-office processing, infrastructure and application development.

09 May 2008

News/Operational risk

Salaries and bonuses rise for risk professionals

Despite the fall out from the global credit crunch, risk professionals working in the capital markets industry saw their total compensation increase by an average of seven per cent in 2007, according to a global survey by recruitment outfit Risk Talent Associates (RTA).

01 May 2008

News/Operational risk

US regulator updates risk guidance after Wachovia telemarketing probe

The US Office of the Comptroller of the Currency (OCC) has updated risk management guidance for banks dealing with third party payments processors working for merchant clients following its probe into a scam at Wachovia which found that a lack of oversight and control allowed telemarketers to swindle thousands of elderly customers.

29 April 2008

News/Operational risk

Crunch to spur retail bank spending on BI technology - Datamonitor

The sub-prime credit crunch will drive retail bank spending on business intelligence (BI) technology from $5.6 billion in 2006 to $9 billion by 2012, according to a global study by market analyst Datamonitor.

06 March 2008

News/Operational risk

IT vendor management increasingly important to banks - study

More effective IT vendor management could save banks between 10% and 30% of their technology expenditure according to a US study conducted by Silicon Valley-based research firm The FactPoint Group for ITM Software.

04 March 2008

News/Operational risk

Banks failing to manage IT risk - study

A new survey by Ernst & Young has found that the majority of global banks are failing to align IT risk management practices within more general enterprise and operational risk frameworks.

28 February 2008

News/Operational risk

China Everbright installs Misys trading and compliance software

China Everbright Bank is rolling out trading and compliance software from British banking systems vendor Misys across its treasury and capital business.

26 February 2008

News/Operational risk

Merrill Lynch rolls out Fiserv reconciliation technology

Merrill Lynch is implementing the CheckFree Frontier reconciliation system from Fiserv across its global operations.

14 February 2008

News/Operational risk

Government report alleges risk and security failures at SocGen

A probe into the EUR5bn Société Générale rogue trading scandal by the French government has revealed that the bank was warned last year that its security systems and internal controls were lacking.

04 February 2008

News/Operational risk

Credit crisis to spur op risk IT spending - Datamonitor

The sub-prime crisis will spur banks to increase spending on operational risk technology from $754 million in 2007 to over $1 billion in 2010 - an average annual increase of almost 12% - according to the latest Datamonitor research.

01 February 2008

News/Operational risk

Guotai Junan Securities recruits Algorithmics and IBM to build risk platform

Toronto-based vendor Algorithmics is working with IBM to develop and implement a portfolio and risk management system for China's Guotai Junan Securities.

15 January 2008

News/Operational risk

Turquoise chief Lederman to keynote at Finexpo

Eli Lederman, the newly-installed chief executive of bank-backed equities trading venue Turquoise, is among a roster of top-level keynote speakers participating in this year's Finexpo, the capital markets industry's leading technology conference and exhibition, taking place at The Brewery, Chiswell Street, London on 30 January.

11 January 2008