Financial industry 'complacent about pandemic threat'

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Risk.net Operational Risk News Update 2 November 2011 This Week's Top Story Financial industry 'complacent about pandemic threat' The financial industry must give more consideration to pandemic risk, says Zurich CRO Categories: Management Topics: Pandemic risk, Swine flu, Operational risk, Zurich Financial Services Group Mobile RSS Sponsored Ad KPMG Global Anti-money Laundering Survey 2011 – results In the third global Anti-Money Laundering (AML) Survey, KPMG asked nearly 200 senior AML and compliance executives from the biggest banks around the world what they see as the key trends and challenges in their work right now. For the full survey results and analysis click here More of this week's news US SEC slams Finra for altering documents Finra must improve after misleading regulator, order says Small banks need 'clear exit path' out of Tarp Sigtarp has called on the US Treasury to aid smaller banks in exiting Tarp SEC appoints two trading and markets associate directors The US Securities and Exchange Commission has named heads of regulation for derivatives policy, and clearance and settlement UK FSA 'lacks interest' in dialogue with industry over FCA Industry insiders have warned a UK Treasury Select Committee hearing that the FSA has shown a distinct lack of interest in dialogue over the FCA UBS 'rogue trading' prompts call for new regulation Recent events at UBS have prompted one industry expert to call for a specific rogue-trading regulation FBI arrests Gupta in Galleon insider-trading case Rajat Gupta surrendered to the FBI on October 26 after being accused of leaking information to Galleon founder Raj Rajaratnam Industry split over CCPs' ability to face new risks There is discord in the industry over whether CCPs will be able to deal with the risks of clearing OTC derivatives as mandated by new regulation Finra fines UBS $12 million for failing to adequately supervise short sales Fine from Finra is latest indicator of UBS's control and supervisory issues The Hartford appoints Rupp as chief risk officer Fortune 500 group The Hartford appoints new executive vice-president and chief risk officer Related news this week from other categories ABI plans Solvency II impact study to highlight undesirable outcomes Qualitative study will aid lobbying efforts in Europe, says trade association CVA desks to keep buying sovereign CDSs – even if they never pay out Even if CDS contracts are not triggered in Greek restructuring, Basel III's CVA charge ensures the market will live on - but episode raises fresh questions about design of capital framework, dealers... Risk USA: Regulators need to be wary of capital overshoot, says Roldán Adding to Basel III capital levels might have unintended consequences, says former chair of Basel Committee's standards implementation group   Related publications: Risk magazine, Operational Risk & Regulation, Life & Pension Risk, Asia Risk Related categories: Risk Management, Regulation

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