Latest Operational risk News: Finextra Research

EC bids to tame 'wild west territory' of OTC derivatives and short selling

The European Commission is proposing new regulations aimed at improving transparency and safety in over-the-counter (OTC) derivatives markets and tougher controls on short selling and credit default swaps.

15 September 2010

News/Operational risk

Singapore central bank slams DBS and IBM over systems outage

The Monetary Authority of Singapore (MAS) has strongly criticised DBS and IBM over last month's seven-hour system-wide outage, ordering the bank to redesign its online and branch technology and reduce its reliance on Big Blue.

05 August 2010

News/Operational risk

Broadridge buys City Networks

Broadridge Financial Solutions has acquired City Networks, a long-standing UK-based provider of reconciliation, multi-asset process automation and operational risk management software and services to the finance industry. Financial terms were not disclosed.

21 June 2010

News/Operational risk

Finance firms to spend bilions on risk management - survey

The top 100 financial institutions will spend over $100 billion a year implementing risk governance frameworks by 2012, according to research from business advisory firm Deloitte.

08 February 2010

News/Operational risk

Mexican banks choose SunGard for operational risk management

Following recent regulatory changes in the country, a group of Mexican banks have signed up for SunGard's operational risk management technology.

08 May 2009

News/Operational risk

SmartStream unveils new CEO, launches on-demand recs service

Philippe Chambadal, head of DIFC Investment's acquisition vehicle DClear, has taken the reins at SmartStream after Ken Archer stepped down in February. DClear became SmartStream's parent company in November 2007 when DIFC stepped in to acquire the vendor after its aborted IPO. Chambadal's first major task as CEO has been overseeing the development and launch of a software-as-a-service (SaaS)-based delivery model for the company's TLM Reconciliations product.

25 March 2009

News/Operational risk

Former Morgan Stanley operations VP charged with embezzlement

Richard Garaventa Jr., a former vice president at Morgan Stanley, has been arraigned at Manhattan's state Supreme Court on grand larceny and other counts. He maintains his innocence, but prosecutor Jeremy Glickman claims the 36-year-old defendant stole more than $2.5 million between September 2001 and December 2008.

18 February 2009

News/Operational risk

Italian interbank consortium to share operational risk data

The interbank consortium run by the Italian Banking Association (ABI) has rolled out an online database from List Group to share and analyse operational loss data in accordance with the Basel II Advanced Measurement Approach (AMA).

04 February 2009

News/Operational risk

Algorithmics signs Banque Centrale Populaire to risk technology

Morocco's Banque Centrale Populaire (BCP) has selected technology from Toronto-based vendor Algorithmics as the basis for its enterprise-wide risk management platform.

21 January 2009

News/Operational risk

Marfin Popular Bank signs for SmartStream reconciliation platform

Cyprus-based Marfin Popular Bank has chosen SmartStream's TLM Corona as its enterprise reconciliation platform.

21 January 2009

News/Operational risk

ICFR chief to set out new risk management agenda at Finexpo

Barbara Ridpath, chief executive of the newly-formed International Centre for Financial Regulation - a London think tank established by 19 leading financial institutions in co-operation with the UK Government and the City of London - is to participate in the opening panel at Finextra's forthcoming risk and transaction management event in February.

16 January 2009

News/Operational risk

Crisis exposes banks' weak risk management practices - Ernst & Young

The economic crisis has exposed inherent weaknesses in the risk management practices of banks, but few have a well-defined vision of how to tackle the problems, according to a study by Ernst & Young.

18 December 2008

News/Operational risk

Dubai Islamic Bank deploys Fiserv reconciliation technology

Dubai Islamic Bank has instituted centralised reconciliation technology from Fiserv's CheckFree unit in an effort to address transaction volume growth and mitigate operational and compliance risk exposure.

01 December 2008

News/Operational risk

Finexpo to highlight new trends in risk and transaction management

The Finexpo - Risk & Transaction Management conference and exhibition has opened for registration. The event, on Thursday 5 February at The Brewery in London, will focus on the latest developments in risk management approaches, regulatory frameworks, data and transaction management solutions and clearing and settlement infrastructures.

28 November 2008

News/Operational risk

BIS outlines plans to strengthen Basel II

The Basel Committee on Banking Supervision at the Bank for International Settlements (BIS) has announced plans to address the fundamental weaknesses revealed by the financial market crisis related to the regulation, supervision and risk management of internationally-active banks.

21 November 2008

News/Operational risk

Standard Bank looks to cut op risk with Thunderhead platform

South Africa's Standard Bank is rolling out Thunderhead's enterprise communications platform in the UK to reduce operational risk across its derivative trade confirmation process.

13 November 2008

News/Operational risk

Nedbank Capital signs for Aleri liquidity management technology

South Africa's Nedbank has selected liquidity management technology from New York-based Aleri for its investment banking business.

11 November 2008

News/Operational risk

Chi-X defends risk model for its CCP

Technology rather than headcount is the basis for managing risk in the clearing and settlement of equity trades, according to an executive with alternative trading platform Chi-X

18 September 2008

News/Operational risk

Cyber-squatters jump on Wall Street woes

Opportunistic cyber-squatters are seeking to capitalise on the rush of emergency mergers on Wall Street by snapping up domain names related to the collapsed banks and their buyers.

17 September 2008

News/Operational risk

Citibank chairman tells Sibos: "The worst may be yet to come"

On the day that the investment banking industry lurched closer to disaster following announcements from Wall Street, Bill Rhodes, Citibank chairman, told Sibos delegates that the worst could be yet to come, adding that "we are currently in the eye of the storm".

15 September 2008