Retired Member
For months I have posted a question on my blog: Has there ever been a documented example of identity theft committed as the result of lost backup tapes? So far, no one has shown me an example. As we saw with TJX and Best Western, it is easy to blow apparent data breaches out of proportion. --Ben http://hack-igations.blogspot.com/2007/12/does-lost...
29 August 2008 /security /regulation
Sriram Natarajan Risk Dog at Credit Risk Fraud Cards Professional
One of the most intriguing features of the Internet is the amount of falsehoods flying around. A large proportion of emails and 'facts' sent to you or put up on sites are to put it nicely -'very economical with the truth'. I am sure this human behavioral trait of 'net lies' merits detailed study by psychologists. Part of the reason for this phenom...
24 August 2008 /regulation
Stanley Epstein Associate at Citadel Advantage Group
A colleague, involved in operational risk management at a major bank, recently asked me what my feelings are regarding the quantification of the cost of reputational risk. Was it simply something that could be taken as a percentage of revenue or net profit and then just slapped into a spreadsheet or even a balance sheet? And the question was not th...
19 August 2008 /regulation Operational Risk Management
There is an intriguing news release over the weekend by American Express. The premium card issuer's subsidiary American Express Credit Corp has come out with a $ 2 billion note sale at a whopping yield of 425 basis points above comparable US Treasury securities. This yield is way above what investors have been demanding earlier. See http://www.b...
18 August 2008 /payments /regulation
Having at least one thing in common with Nouriel Roubini, a premonition of the impending financial callapse, although I didn't wake up until after his talk, I think it's important to re-examine his warnings. Nouriel warned during an address to the IMF in November 2006 about an impending financial collapse, which was disregarded by many. He now war...
18 August 2008 /regulation Whatever...
Richard Barr Principal Associate at Citadel Advantage Ltd.
Banks are focusing inward in their quest to comply with Basel II operational risk requirements. This is of course critical if the banks are to achieve an acceptable level of success in its compliance. However, by focusing solely inward, the role that external parties play may inadvertently be overlooked, and is a serious concern. One of those key ...
13 August 2008 /payments /regulation
I have been watching unfolding events in the banking world with a sense of incredulity and rising trepidation. It's like watching a train crash in slow motion. It just seems like it is one debacle after another. First we had the sub-prime meltdown which hit us last summer. All that followed by the SocGen saga, which only served to stress that both ...
13 August 2008 /regulation Innovation in Financial Services
I just arrived home after a week in Hong Kong. Two unrelated events happened while I was there. The start of the Olympics and the Asian markets patting themselves on the back for not being in the top 20 bank list of sub-prime losers. It seems to me that by touting to the world that you're not the biggest loser in the world in connection to this mar...
11 August 2008 /regulation
Every major financial crisis has generated significant change in how the Capital Markets industry operates. Examples include: • Mandatory trading halts introduced after the crash of 1987 to prevent the U.S. equity markets from ever again going into an unrestrained freefall. • Research Services removed from industry participants’ revenue model
07 August 2008 /regulation
Years ago when I first became involved in risk management in a large regional bank I was told to keep my nose out of the “business”. And what did “business” mean? Well, simply put – making a profit at any cost! The key issue that was (and still is) missed completely is that business strategy and risk management are closely linked. If you follow a s...
03 August 2008 /regulation Operational Risk Management
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