News:
Firms still need to do more to limit risk-taking, Fed study says
October 7, 2011 - Financial firms and banks still need to do more to curb risky behaviour through their bonus payment infrastructures, a study by the Federal Reserve (Fed) has revealed. A report by the Fed showed that some changes have been made with senior bankers now deferring up to 60 per cent of their bonuses - at some institutions professionals have more than 80 per cent of their additional compensation deferred.
The RiskBusiness Regulator Survey shows some cause for concern
October 7, 2011 - In July and August 2011, RiskBusiness International undertook an electronic survey amongst risk management professionals working in the global financial services industry to rate their regulator, anonymously, on its performance in several categories relating to operational risk supervision and oversight: Clarity and completeness of regulations; conformance of regulations to Basel II and Solvency II; approachability; detailed knowledge of operational risk management; consistency; level of guidance provided; fairness; degree of home-host regulator interaction; industry discussion and consultation; and staff turnover.
Canadian regulator urges fellow regulators to use technology to monitor trading risks
October 6, 2011 - Global regulators should use technology to collect data on events such as the "flash crash" and use that information to regulate trading risks, according to the head of Canada's self regulatory agency.
GAO: Additional Guidance Needed to Address Cloud Computing Concerns
October 6, 2011 - Cloud computing has both positive and negative information security implications for federal agencies. Potential information security benefits include the use of automation to expedite the implementation of secure configurations on devices; reduced need to carry data on removable media because of broad network access; and low-cost disaster recovery and data storage.
UBS trading scandal investigation finds risk systems ignored
October 6, 2011 - Risk systems did pick up suspect activity at UBS related to the recent loss of $2.3 billion through unauthorised trading but the information was not properly acted on, according to an internal investigation.