56 Results
Stanley Epstein Associate at Citadel Advantage Group
If the Misys data are correct we are sitting atop a volcano that is just about to blow! Firstly forty one percent of failed cross-border transactions is appalling! This means that almost every second cross-border transaction is not passing muster. This also raises two very clear and critical issues - transparency and operational risk. On the trans...
04 September 2008 /payments /regulation Operational Risk Management
Good for the FSA for warning the investment banks on staff cuts in middle and back office functions . Clearly from the banks side, it is the usual story. Back and middle office staff are expendable. They are simply an added cost “burden” that has to be cut as soon as margins are squeezed. Imagine ripping out half your car’s engine simply because t...
30 August 2008
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
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
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
Why is it that the minute something goes wrong someone or something has to be blamed? It almost seems that as long as a "guilty" party can be found then we have done our duty and can simply forget about the problem ... until the next time. This is currently the case in point in the brouhaha in the United States around the perceived failur...
31 July 2008 /regulation /wholesale
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