Operational Risk

    News on frameworks, regulations, and major events related to risks arising from internal processes, systems failures, human errors, or external disruptions.

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    Fraud, Scams & Cybercrime

    RBI Flags Concerns Over Digital Fraud, Outsourcing Risks

    By Ajoy K Das | 24/07/2024

    RBI governor Shaktikanta Das called on banks to strengthen customer onboarding and transaction monitoring to address digital fraud.

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    Operational Risk

    US Banks Not Managing Operational Risk Well, OCC Finds

    By Nithya Subramanian | 23/07/2024

    Confidential assessments by the OCC reportedly found that many banks scored poorly on their management of operational risk.

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    Cybersecurity

    Global IT Outage: ‘Significant Number’ of Affected Devices Back Online

    By Manesh Samtani | 22/07/2024

    NAB, CBA, SGX, LSE, Amex, Barclays, Macquarie Capital, and TD Bank were among those impacted, along with some Indian and Philippine banks.

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    Operational Risk

    APRA Reduces Westpac’s Operational Risk Capital Add-on

    By Sanday Chongo Kabange | 19/07/2024

    APRA reduced Westpac’s A$1bn operational risk capital add-on by half in response to progress made to address risk governance concerns.

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    Cloud & Infrastructure

    US Treasury Publishes Cloud Adoption Guidance for FIs

    By Editors | 18/07/2024

    The new set of documents are intended to arm FIs  of all sizes with effective practices for secure cloud adoption and operations.

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    Conduct, Culture & Accountability

    FSS Korea to Sanction Execs for Internal Control Issues

    By Manesh Samtani | 18/07/2024

    FSS sets out how it will decide on imposing sanctions on CEOs and executives who violate their internal control management duties.

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    Conduct, Culture & Accountability

    Chinese Firms Claw Back Executive Bonuses Paid in Hong Kong

    By Editors | 17/07/2024

    Hong Kong-based executives and former employees of some state-owned FIs have been asked in recent months to pay back part of their past bonuses.

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    Operational Risk

    APRA Orders Superannuation Trustee to Address Data Issues

    By Sanday Chongo Kabange | 17/07/2024

    APRA requires Fiducian Portfolio Services to fix issues related to the accuracy and completeness of data submitted for the superannuation performance test.

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    Conduct, Culture & Accountability

    China Issues New Marketing Guidelines for Online Loans

    By Editors | 16/07/2024

    NIFA calls on FIs and third-party internet platforms to standardise their online loan marketing activities and abide by 19 measures set out in the guidelines.

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    Operational Risk

    US Regulators Impose $135m Fine on Citigroup

    By Nithya Subramanian | 11/07/2024

    Federal Reserve and OCC penalise Citigroup for ongoing deficiencies in risk management and data governance.

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