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Paul Westcott
Paul Westcott

Why BCBS 239 matters to everybody – not just Financial Services

07 November 2014

In my role as Product Manager in the compliance space, I am very fortunate to have a number of colleagues in different disciplines that I regularly have ‘water cooler’ conversations with (or more often on the comfy chairs in the coffee break out area as I am a sucker for good coffee). One such person I regularly touch base with is data governance expert Malcom Chisolm. Malcom is well known as an independent consultant with over 25 years of experience in data-related disciplines, and has worked in a variety of sectors including finance, manufacturing, government, pharmaceuticals, telecoms. He asked me a simple question, “What are you doing around BCBS 239”?  Continue reading…

manirztu

Understand clients’ business models to stay relevant

03 November 2014

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…

Bruno Colmant
Bruno Colmant

The real crisis is about the role of government

30 October 2014

Various labels – subprime, bank lending, sovereign debt and monetary – have been used since 2008 to describe the economic crisis. Yet its scope doubtlessly extends far beyond these spheres. The crisis poses a fundamental question for society about the role of government, squeezed between unpredictable global corporations and public debt that requires refinancing to guarantee social order. Gorged on debt, governments are hostages to banking sectors, themselves prisoners of central banks that need to support private enterprise by constantly providing liquidity. Continue reading…

Paul Westcott
Paul Westcott

Your Trade Credit Risk policy and your AML policy – Poles apart or 2 sides of the same coin ?

29 October 2014

It is a well-worn phrase “we need to do more with less”! Or in other words, can we ensure that more than one task we have to do in our day jobs can be incorporated in a single effort to ‘gain efficiencies’ or, in real speak, ultimately save money ? So I thought I would look at a typical AML and typical Trade Credit policy and see just how different or similar they were. Now, I do not profess to be a compliance officer nor have I had the stress of being a CFO so I will accept that the devil is always in the detail. However, here are just a few areas I thought seemed to have a very real sense of similarity. Here are just five examples.

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Results of the EU-wide stress test for Banks

26 October 2014

Just before the European Central Bank (ECB) takes over the regulation of the 123 big banks in Europe on November 4th, the European Banking Authority (EBA) publishes the results of the EU-wide stress test. The purpose of the stress test is to test how healthy banks are, how is the resilience of the EU-banks at adverse economic developments. The EU-wide stress test is coordinated by the EBA and carried out in cooperation with the European Central Bank (ECB), the European Systemic Risk Board (ESRB), the European Commission (EC) and the Competent Authorities (CAs) from all relevant national jurisdictions. Continue reading…

Euro-Logo-at-European-Central-Bank

ECB : banks need to take further action

26 October 2014

The European Central Bank (ECB)  published the results of a thorough year-long examination of the resilience and positions of the 130 largest banks in the euro area as of 31 December 2013. The comprehensive assessment—which consisted of the asset quality review (AQR) and a forward-looking stress test of the banks—found a capital shortfall of €25 billion at 25 banks. Twelve of the 25 banks have already covered their capital shortfall by increasing their capital by €15 billion in 2014. Banks with shortfalls must prepare capital plans within two weeks of the announcement of the results. The banks will have up to nine months to cover the capital shortfall.

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