– Financial Risk Management News #4 –
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) hosted the first meeting of the Climate Financial Risk Forum (CFRF). Consequently, a press release covering the event was published by the FCA on March 12. Then, the CFRF’s objective is to build capacity and share best practices across financial regulators and the industry in order to advance financial sector responses to the financial risks resulting from climate change.
One of Wells Fargo’s regulators has issued a stinging and highly unusual rebuke of the US bank. Therefore, saying that its efforts to reform its governance and risk controls to date have been a failure, he was fired. However, the statement from the Office of the Controller of the Currency makes it clear that pressure on the bank remains acute. Moreover, three years after a scandal over fake accounts revealed numerous governance failings across the company and prompted intense extra scrutiny from regulators.
Firstly, the objective of the CFRF is to build capacity and share best practice across financial regulators and industry to advance financial sector responses to the financial risks from climate change. Furthermore, it brings together senior representatives from across the financial sector, including banks, insurers, and asset managers. However, climate change and society’s response to it presents Financial Risks that are relevant to the PRA’s and FCA’s objectives. While these risks may crystallise in full over longer-time horizons, they are becoming apparent now.
Operational Risk Management has always been a vital function for financial services. That’s why Operational Risk Management, abbreviated as ORM, is a cyclic process which includes factors such as risk assessment, risk decision making, and implementation of risk controls to recognize, mitigate and avoid risk. Therefore, Operational Risk Management in Financial Services is evolving as a dynamic business promoter, focusing on operational risk arising from internal business model, enterprise workforce, customer preferences, regulatory compliance both at regional and global level and fraud risk.
We are in a volatile market environment and with the edict to “do more with less”. Many financial institutions are doing efforts to reengineer their risk management programs, with emerging technologies in the driver’s seat. Then, seventy percent of the financial services executives surveyed said their institutions have either recently completed an update of their risk management program or have one in progress. While, an additional 12 percent said they are planning to undertake such a renewal effort.
– Financial Risk Management Blogs & People –
RM Guru’s goal is to share risk management information with others, from experienced professionals to students. Articles are about governance, risk culture, regulation, and more, mostly geared towards the financial services industry. Through this website you can get all the information that you need about this field. Then, if you want to know more, we offer you a link to the website. Check it out and be up to date!
Sin Comentarios (0)
Fill this form to send us any query. As soon as possible, we'll contact you