Operational Risk

Payments & Settlements

About Half of Global FX Market Exposed to Settlement Risk

By Margaret Law | 15/10/2020

Without immediate action, FX settlement risk will continue to accumulate and introduce vulnerabilities into the global financial system, says Margaret Law at CLS.

Operational Risk

BSP Amends Operational Risk Guidelines to Include ‘People Risk’

By Sanday Chongo Kabange | 13/10/2020

The BSP wants banks and NBFIs to embed in their ERM framework measures to identify, measure, monitor, and control human resource related risks.

Cloud & Infrastructure

FSB Calls on Authorities to Regulate BigTech in Financial Services

By Editors | 12/10/2020

Where financial services activities are undertaken by new types of actors, such as BigTech firms, the principle of ‘same risk-same regulation’ should apply, the report says.

Operational Risk

Fed Orders Citigroup to Correct “Longstanding Deficiencies”

By Editors | 08/10/2020

The Fed has ordered Citigroup to remediated enterprise-wide risk management and controls deficiencies. The OCC has penalised Citibank $400mn for the same deficiencies.

Conduct, Culture & Accountability

Conduct Risk a Top Concern Among Banks, Insurers: ORX

By Editors | 06/10/2020

In retail banking, scenario development commonly featured conduct risk. In Asia Pacific, fraud has also been a significant concern among FIs.

Trading & Investment

Hardware Failure Causes Full Day Closure at Tokyo Exchange

By Editors | 01/10/2020

The TSE apologised for inconvenience caused to investors and said it is replacing the faulty hardware. Trading is expected to resume Friday.

Trading & Investment

RegTech Asia 2020: Trade Surveillance and Monitoring

By Editors | 30/09/2020

What has the increased use of new client communication modalities to facilitate trading amid the pandemic meant for market surveillance and regulatory compliance?

Emerging Prudential Risks

IBOR Phase-out Plans on Track Despite Covid: Moody’s

By Manesh Samtani | 29/09/2020

But challenges remain, including limited liquidity in ARR markets, uncertainties on term rates and credit spread adjustments, and operational issues.

Data Privacy

Thailand: BOT to Revamp Banks’ Reporting Requirements

By Editors | 26/09/2020

The reforms will reduce data processing steps for financial institutions and the costs associated with reporting, while increasing reporting efficiency.