Operational risk

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Finexpo to highlight new trends in risk and transaction management

/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.

BIS outlines plans to strengthen Basel II

/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.

Standard Bank looks to cut op risk with Thunderhead platform

/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.

Nedbank Capital signs for Aleri liquidity management technology

/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.

Chi-X defends risk model for its CCP

/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

Cyber-squatters jump on Wall Street woes

/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.

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

/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".

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

/Operational risk

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.

Wall Street IT budgets holding up

/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).

Sell-side to increase spending on equity analytics - Tabb

/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.

State Street Global Markets acquires SSISearch

/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.

Outsourcing and offshoring take centre stage at Finexpo

/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.

Salaries and bonuses rise for risk professionals

/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).

US regulator updates risk guidance after Wachovia telemarketing probe

/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.

Crunch to spur retail bank spending on BI technology - Datamonitor

/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.

IT vendor management increasingly important to banks - study

/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.

Banks failing to manage IT risk - study

/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.

China Everbright installs Misys trading and compliance software

/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.

Merrill Lynch rolls out Fiserv reconciliation technology

/Operational risk

Merrill Lynch rolls out Fiserv reconciliation technology

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

Government report alleges risk and security failures at SocGen

/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.

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