Last December the Council formally appointed the Chair, the Vice-Chair and the four other permanent members of the Single Resolution Board. This concludes a recruitment process which started in July 2014. The methodology for calculating banks’ contributions to the Single Resolution Fund was also been adopted. Continue reading…
The euro entered circulation in Lithuania today, bringing the number of European Union (EU) Member States using the single European currency to 19. “On behalf of the Governing Council of the European Central Bank, I welcome this further enlargement of the euro area. Lithuania has taken exceptional measures in difficult times to reach its goal of joining the single currency,” Mario Draghi, President of the ECB, said.
The Basel Committee is considering replacing references to external ratings, as used in the current standardised approach, with a limited number of risk drivers that provide a meaningful differentiation for risk. These alternative risk drivers vary based on the particular type of exposure and have been selected on the basis that they are simple, intuitive, readily available and capable of explaining risk across jurisdictions. The Basel Committee on Banking Supervision has released recently a consultative document on Revisions to the Standardised Approach for credit risk.
Alternative payments are the most active and complex ecosystem in financial services today. A quick look at AngelList recently showed a bewildering 1,477 payments startups. These include many familiar names like Square (m-POS) and The Currency Cloud (international payments) to newer entrants such as Coin Drive (stored value exchange), OpenCuro (secure payments), and niche players like LeaguePals (which bills itself as the “PayPal of League Bowling”). 238 of these start-ups are providing various services around cryptocurrencies, including 134 companies focused on Bitcoin. Continue reading…
The Bank of England recently published an independent report by former Federal Reserve Board Governor Kevin Warsh, following his review of the Monetary Policy Committee’s (MPC) transparency practices and procedures. The Bank also announced a series of significant transparency, accountability and governance enhancements designed to put the Bank at the forefront of international best practice and enhance its ability to fulfil its mission to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. Continue reading…
The European Securities and Markets Authority (ESMA), the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have concluded a Memorandum of Understanding (MoU). The MoU establishes cooperation arrangements between the signatory authorities regarding Central Counterparties (CCPs) that are established in Australia and have applied for recognition under EMIR. The MoU is effective as of 27 November 2014.
The European Insurance and Occupational Pensions Authority (EIOPA) recently (30 November 2014) announced the results of its EU – wide Insurance Stress Test. The exercise aimed to test the overall resilience of the insurance sector and to identify its major vulnerabilities. Continue reading…
Risk management is developing into a strategic function within European organisations. At the same time, risk management can contribute much more as its strategic role grows. Currently, risk managers are not satisfied with the level of mitigation for six of the top 10 risks “that keep their CEO awake at night”.
These are key findings from the 2014 Risk Management Benchmarking Survey conducted earlier this year by the Federation of European Risk Management Associations (FERMA). Now its 7th edition, the FERMA Benchmarking Survey this year received a record number of 850 responses from 21 European countries.
In a response submitted to the European Commission on Tuesday 4 November, the Federation of European Risk Management Associations (FERMA) has called for renewal of the Insurance Block Exemption Regulation (IBER) for (re)insurance pools.
Insurers who adapt to the changing needs of their business clients will succeed in future over those who stick to traditional insurance approaches, Airmic has told underwriters. Paul Hopkin, the association’s technical director, challenged the market to innovate to restore relevance – but stressed that new products must address the needs of 21st century business models. Continue reading…
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Lieve LowetEU Affairs consultant and lobbyist
Elina Karpacheva Chair of the European Compliance Centre based in Sofia, Bulgaria
Ahsan HabibManager, AML Investigation - Correspondent Banking, Royal Bank of Canada
Michael AmadoLawyer in Paris / Lawyer in Canada
Alex MovchanAlex Movchan CIA CICA CFE is the President of the Institute for Internal Controls - Central and Eastern Europe
Elena PykhovaElena Pykhova is a thought leader, influencer and founder of a think tank, Best Practice Operational Risk Forum. 
Daniel VaknineCEO and Partner of Visslan
Nancy MehradAuthor and the CEO and Founder of Registrant Law Professional Corporation
Ajay KataraConsulting Partner and Head the RegTech Portfolio in Banking Risk Management area at Tata Consultancy Services (TCS)