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Canadian Regulator Stresses the Importance of Keeping in Line with International Data Standards
The Canadian Securities Administrators’ (CSA) trade repositories consultation paper, which was published at the end of June, reflects the importance the regulator is placing on keeping the country in line with international data standardisation efforts. The trade repositories proposals, which were put together by the CSA’s derivatives committee as part of its overhaul of the…
Virginie’s Blog – The Real Cost of Recovery and Resolution in the UK?
This week, the UK Financial Services Authority (FSA) has published its proposals for recovery and resolution planning requirements, which follow on from the Financial Stability Board’s (FSB) recommendations (see more on which here) and much regulatory discussion across the globe on the subject (see the FSA’s discussions from last year here). The regulator estimates that…
Virginie’s Blog – Entity Data Management Falls Down Cross Border
In the same week that the Royal Bank of Scotland’s US ops were slapped with a cease and desist order by the Fed for anti-money laundering (AML) and risk management failures (see more on which here), the International Monetary Fund (IMF) produced a working paper on the state of cross border AML compliance highlighting the…
Virginie’s Blog – More Than a Question of Technology
This afternoon I conducted my first ever twitterview (a twitter interview conducted via my handle @virginieateam) with Marcus Cree, director of risk solutions for SunGard’s capital markets and investment banking business (@MarcusCreeRisk), and Michael Versace, director of global risk at analyst firm IDC-Financial Insights (@versace57). Amusingly, given the format, the topic of conversation was the…
Fed’s Cease and Desist Order for RBS Highlights the Data Issues Underlying its AML and Risk Management Practices
The issuance of a joint consent cease and desist order by the US Federal Reserve Board and a number of other state regulators last week for Royal Bank of Scotland (RBS) Group’s New York, Illinois and Connecticut branches indicates some of the data issues underlying its risk management and anti-money laundering (AML) compliance functions. The…
The AIFMD in Focus: Valuations and Data Reporting Requirements Incoming
The controversial Alternative Investment Fund Managers Directive (AIFMD), which was first proposed in 2009, was published last month and is due to come into force over the next couple of years, includes key data related requirements such as increased transparency into valuations and new fund registration processes. A-Team Insight examines the latest and final version…
US Treasury’s Berner Expounds on the Benefits of the OFR, Discusses the LEI and an Upcoming Conference on Data
This week, the US government organised a roundtable event to discuss the developments around tracking systemic risk and the establishment of the Office of Financial Research. Representing the OFR, Richard Berner, counsellor to the US Department of the Treasury’s Tim Geithner, championed the benefits of reference data standardisation, the recent progress made around setting legal…
Sifma Led Industry Coalition Backs DTCC/Swift as Facilities Manager and Issuer for ISO LEI, ANNA for Support Role
It’s official, the frontrunners in the bid to act as issuer and facilities manager for the incoming legal entity identifier (LEI), Swift and the Depository Trust and Clearing Corporation (DTCC), have received the backing of the 17 strong Sifma led coalition of industry associations and firms (some interesting dynamics in the makeup of the group…
UK FSA Highlights “Serious Weaknesses” Within Firms’ AML and Customer Data Management Practices
As part of its crackdown on the industry’s systems and controls around anti-money laundering (AML) data, especially for politically exposed persons (PEPs), which it stepped up last year, the UK Financial Services Authority (FSA) has released the findings of a survey of these practices across the industry that highlights “serious weaknesses” in “many” firms. The…
Allan Boardman, of London, Appointed Director of ISACA
Allan Boardman, CISA, CISM, CGEIT, CRISC, CA (SA), CISSP, information risk manager at JP Morgan (UK), was appointed director of ISACA—a global association serving 95,000 IT governance, assurance and security professionals in 160 countries—at its World Congress: INSIGHTS 2011 conference in Washington DC, USA, today. Founded in 1969, ISACA develops international standards for information systems…