Operational Risk Information Community - Important new items...
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Op Risk Management -
IT Risk Mgt
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Sunday, 04 May 2008 |
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IT-Director.com published an item by Fran Howarth, Principal Analyst, Quocirca on 24 Apr 2008, entitled "How to ensure outsourced software development is secure", which provides solid advice for best practices. Codenomicom of Finland, a provider of software testing tools, reckons that 80% of security problems are caused by programmers writing insecure code. Much of this is the result of development schedules being too tight.
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Op Risk Management -
Audit Issues
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Sunday, 04 May 2008 |
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WebCPA reported on 1 May 2008 that the total average cost of Sarbanes-Oxley Section 404 compliance reached US$1.7 million last year, according to a newly released survey. Financial Executives International polled 185 companies and also found that total audit fees for US accelerated filers averaged $3.6 million in fiscal 2007, a slight increase of 1.8 percent from the previous year.
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Op Risk Management -
IT Risk Mgt
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Sunday, 04 May 2008 |
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At the Interop conference in Los Angeles at the end of Apr 2008, Joshua Corman, principal security strategist for IBM/ISS, discussed the misconceptions and half-truths surrounding the security industry - corporate IT executives need to beware the seven dirty secrets of the security industry that can undermine the safety of business networks.
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Op Risk Management -
Regulatory & Legal
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Sunday, 04 May 2008 |
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The Financial Services Authority (FSA) published an interim report on 29 Apr 2008 setting out the current thinking on the Retail Distribution Review (RDR) following a six-month consultation with the market. Feedback to the discussion paper, published in June 2007, called for a simpler marketplace, particularly a clear separation between advice and sales.The interim report, which is not a final policy document, sets out how this might be achieved as well as acknowledging the significant challenges this separation poses.
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Op Risk Management -
Regulatory & Legal
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Sunday, 04 May 2008 |
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The US Federal Reserve Board on 2 May 2008 proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.
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Op Risk Management -
Risk Assessment
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Friday, 02 May 2008 |
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The 89 page Joint Forum report released on 30 Apr 2008 considers how supervisors and regulated firms across the banking, securities and insurance sectors deal with the risks posed by mis-selling of retail financial products, including related regulatory requirements, both with regard to disclosure of information to retail investors and requirements on firms to determine whether recommended investment products are suitable for such investors.
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Op Risk Management -
Governance & Mgt Issues
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Sunday, 27 April 2008 |
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RiskMetrics Group published on 25 Apr 2008 a blog item "Governance Reforms on the Rise in Spain" submitted by: German Vargas, Global Research Analyst, describing how Spanish companies have begun committing to greater board independence and the unbundling of director elections because of a new corporate governance code that comes into effect in 2008.
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Op Risk Management -
Risk Assessment
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Sunday, 27 April 2008 |
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Paisley has published in Apr 2008 a 13 page white paper by Bruce McCuaig (Paisley's Chief Risk Officer and Principal Consultant) "Fundamentals of GRC: Mastering Risk Assessment", which explores approaches to risk assessment, offers some best
practices for conducting risk assessments and provides practical guidance
on mastering this business process.
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Op Risk Management -
Regulatory & Legal
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Saturday, 26 April 2008 |
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The Council of European Insurers (CEA) issued a 14 page position paper on 25 Apr 2008 on the own funds eligibility restrictions and tiering approach set out in the EC's proposed Solvency II Framework Directive. The proposed Directive requires insurers to have own funds available to cover the solvency capital requirement (SCR) and the minimum capital requirement (MCR).
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Op Risk Management -
Risk Assessment
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Saturday, 26 April 2008 |
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The Joint Forum (a working group of Banking and Securities Regulators) has published a timely study into 'risk concentrations'.
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