Documente Academic
Documente Profesional
Documente Cultură
2012
Introduction
On November 27 2012 the British Bankers Association (BBA) held its annual risk management conference. The event was attended by a combination of BBA members, regulators and representatives from firms associated with the financial services industry. Speakers included: Jo Paisley, Director, Risk Specialists Division, Financial Services Authority The FSA on banking in the new financial landscape Michael McKee, DLA Piper - Legal update on risk management Alain Stangroome, Head of Group Capital Planning, HSBC Holdings plc Risk and bank capital Christopher Blake, Senior Manager, Liquidity Risk Group Asset & Liability Management, HSBC Holdings plc The relationship between liquidity and risk management Conor MacManus, Head of Prudential Requirements, HM Treasury - Measuring the impact of Basel 3 on banks Annemarie Durbin, Group Head, Corporate Governance, Property, Environment and Security, Standard Chartered - How can non-executive directors (NEDs) be supported in their oversight function? John Wisbey - CEO, John Shield - Advisor to the CEO, Rebecca Bond - Group Marketing Director, James Phillips Director Regulatory Strategy, Tony Glover - Business Development Manager Lombard Risk attended the risk management conference and were on hand to discuss delegates regulatory and risk issues.
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ComplianceASSESSOR
Lombard Risk announced Compliance ASSESSOR at the event a solution that provides firms with a centralised, secure and dynamic means of assessing, evidencing and recording compliance against an unlimited library of regulations.
The BBA Annual Risk Management Conference highlighted the considerable changes in the regulatory landscape and the challenges ahead for risk and compliance professional. David Wilford
Lombard Risk ComplianceASSESSOR addresses regulatory risk being the risk of non-compliance and the penalties and reputational risk that follow.
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Transcript
As you are all aware, the banking sector is currently subject to a plethora of regulations governing every aspect of an institutions business. As a result, even the smallest institution is now subject to thousands of regulations. This may appear to be an exaggeration but the FSAs GENPRU and BIPRU alone contain in excess of 5,000 regulations and guidance that banks are expected to comply with. Add to these SYSC, COBS, Internal Regulations governing KYC and TCF not to mention the Data Protection Act, Consumer Credit Act, AML legislation and other applicable laws and regulations and the number of regulations can soon be counted in their tens of thousands. Cross border organisations are further faced with European and other directives, complicated in some cases by the application of National Discretions by individual regulators, increasing substantially the number of regulations and therefore the complexity of ensuring compliance in the various jurisdictions.
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Clearly, one of the major problems, particularly in the U.S., is that many firms appear unable to evidence the fact that they have at least endeavoured to comply with, what are often very complex and constantly changing, regulations. Obviously, endeavouring to comply is not the same as complying and will not prove to be a defence if a regulator really wants to punish a firm, for whatever reason. However,
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