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Recently purchased by The Bank of Tokyo Mitsubishi (the 2nd largest banking group in the world), Union Bank, N.A. out of San Francisco has been asked to lead the way for the entire organization with respect to adopting Basel II and the advanced measurement approach for operational risk measurement.
Marty Blaauw, Senior Vice President of Operational [...]
On Monday, I blogged about Gillian Tett’s book, Fool’s Gold: How the Bold Dream of a Small Tribe at J. P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. Here are a few more of the key risk management lessons that I was able to glean from reading the book.
Lesson 3: You cannot afford [...]
In a previous blog, I recommend Gillian Tett’s book, Fool’s Gold: How the Bold Dream of a Small Tribe at J. P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. In this blog I want to describe a few of the key risk management lessons that I was able to glean from reading [...]
[Read More]How often have you wondered what exactly happened during the subprime crisis, when the financial system nearly collapsed and trillions of dollars of “wealth” evaporated? I have read numerous articles and attended sessions at risk management conferences, but truly understanding what went wrong has escaped me, until now. Gillian Tett’s splendid book, Fool’s Gold: How [...]
[Read More]If you’re involved in developing, enhancing or monitoring your company’s risk management activities, you probably know that “risk” and associated terms are used very differently by different people. This too often is the case throughout an organization, right up to the board level. Indeed, experience shows that senior managements and boards think they’re talking the [...]
[Read More]John Whittaker’s session on operational risk and aligning with the business covered some interesting approaches:
Barclays defines 13 principal risks that the business owns. The oprisk function can provide guidance on the control framework to mitigate each risk, but the oprisk function does not control the risk. The real process of operational risk does not sit [...]
[Read More]It’s Day Three of RiskMinds in Geneva. “Risk Modeling, Measurement and Management in the New World Order” is the topic of the day. We’re in a session on operational risk, “Operational Risk Management Going Forward”, hosted by Joachim Pfeiffer, Commerzbank, and John Whittaker, Barclays.
This is an interactive session, with questions coming from the attendees. Whittaker [...]
As the discipline of Enterprise Risk Management (ERM) continues to evolve, one component of ERM has become increasingly important to understand and effectively manage. This component lies at the core of Enterprise Risk Management in the pervasiveness of its impact and the manifestations of its influence. This central component is none other than Operational Risk.
Operational [...]
Leading research and analysis provider Chartis Research recently released the 2009 RiskTech100™ report – a comprehensive study of the top technology firms active in the risk management market.
Based on assessment criteria including functionality, core technology, organizational strength, customer satisfaction, market presence and innovation, Chartis named OpenPages the Category Winner in Operational Risk and GRC solutions. [...]
[Read More]Canada’s oldest and fourth largest bank has proven a successful risk management framework can reduce risk exposure – even in the midst of a global economic meltdown. Hamish Lock, head of operational risk at Bank of Montreal and valued OpenPages customer is featured on the cover of the November, 2009 OpRisk & Compliance Magazine. In [...]
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