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Enterprise Risk Management: Improving operational risk solutions

08 February 2022
Knowledge Base

Academy – Euronext Group’s upcoming interactive Enterprise Risk Management educational program provides a succinct and practical overview of the most topical components of the enterprise risk management framework. Live virtual sessions are structured around the areas of Risk Appetite, Risk culture, Risk reporting, Operational Resilience and Risk Assessments. The course also features an exclusive workshop that explores softer skills and qualities that are instrumental for successful risk teams; an essential yet frequently undervalued element that is crucial for effective enterprise risk management. This is an essential course for all individuals responsible for implementing risk management practices in their organisations or those interested to stay current and improve their Operational risk solutions.
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John C. Williams: Reading the recovery

04 February 2022
Knowledge Base

Mr. John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, made some remarks via a videoconference at the Council on Foreign Relations on 14 January 2022. For past two years, I’ve begun my remarks by saying how much I wish we could meet together in person. This time, I really was hoping for a chance to rewrite the script. After seeing so much progress on vaccinations over the past year and a moderation in COVID-19 infections during the fall, just a short time ago many of us had expected that we’d soon be turning the page. Continue reading…

BIS, SNB and SIX successfully test integration of wholesale CBDC settlement with commercial banks

25 January 2022
Knowledge Base

Integrating a wholesale central bank digital currency (CBDC) into existing core banking systems is complex and a key prerequisite for issuance. Phase II of Project Helvetia successfully demonstrates that such integration is operationally possible. Issuing a wholesale CBDC on a distributed ledger technology (DLT) platform operated and owned by a private sector company is feasible under Swiss law. The second phase of Project Helvetia is a joint experiment by the Bank for International Settlements (BIS), the Swiss National Bank (SNB) and SIX (Switzerland’s main provider of financial infrastructure services), which also included five commercial banks: Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg and UBS. Continue reading…

Heavy Weather Banking: Corporate Debt Restructuring in Times of Crisis

05 January 2022
Knowledge Base

The COVID-19 crisis is creating big financial problems for many corporates, particularly when current government support comes to an end. The banks are insufficiently prepared to deal with those problems, as former banker and restructuring consultant Rob Wijman writes in his book Heavy Weather Banking. ‘Just like a hospital, a bank needs an Intensive Care department with sufficiently skilled staff.’

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Tokenise : A New Revolutionary Stock Exchange

14 December 2021
Knowledge Base

by Michel Klompmaker

Risk & Compliance Platform Europe had the chance to interview Mike Kessler, the Chief Executive Officer, on his new revolutionizing project, the launch of a new stock exchange called Tokenise. Tokenise will be one of the first fully regulated global stock exchanges for security tokens in the world. Tokenise is democratizing ownership by allowing anybody to own and sell a portion of what they love, as well as allowing asset owners and artists to receive formerly untapped revenue. Through Tokenise, for the very first time, people can now participate in fractional ownership or royalties by investing in security tokens on a stock exchange fully regulated in Barbados.

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EIOPA publishes approach for Interbank Offered Rates transitions

05 October 2021
Knowledge Base

On October 1st, the European Insurance and Occupational Pensions Authority (EIOPA) published its approach for the implementation of Interbank Offered Rates (IBOR) transitions including with regards to timing and implementation. EIOPA will implement the updated methodology for the calculation of the risk-free interest rates as of January 2022 for the British pound, Swiss franc and Japanese yen. Continue reading…

Further arrangements made for the orderly wind-down of LIBOR at the end of 2021

30 September 2021
Knowledge Base

The sterling, Japanese yen, Swiss franc and euro LIBOR panels are ceasing on 31 December 2021. The Financial Conduct Authority (FCA) recently confirmed that to avoid disruption to legacy contracts that reference the one-, three- and six-month sterling and Japanese yen LIBOR settings, it will require the LIBOR benchmark administrator to publish these settings under a “synthetic” methodology, based on term risk-free rates, for the duration of 2022. These 6 LIBOR settings will be available only for use in some legacy contracts, and are not for use in new business. The recent publications also include a consultation paper on the FCA’s proposed decision on which legacy contracts can use these synthetic LIBOR rates. Continue reading…

BIS Innovation Hub and HKMA investigate how tokenised green bonds can improve sustainable investment

25 August 2021
Knowledge Base

In many countries, issuing and investing in bonds can be cumbersome and complex, involving many steps and parties, and typically requiring a considerable financial commitment from the investor. For those investing in environmentally friendly projects, there is uncertainty about whether the bond issuer is delivering the positive green impact it committed to at issuance. Also, there are typically no liquid and transparent secondary markets for retail investors. The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) joined forces with the technology industry on Project Genesis to build a prototype digital infrastructure that enables green investments, improves transparency on the use of proceeds, and thereby helps meet regional and global environmental and sustainability goals. Continue reading…

What did discussions on international tax reform focus on?

13 July 2021
Knowledge Base

Members of the Organization for Economic Co-operation and Development (OECD) / G20 / Inclusive Framework worked on a global consensus-based solution to reform the international corporate tax framework. The discussion focused on two broad work streams: Pillar One, the partial re-allocation of taxing rights, and Pillar Two, the minimum effective taxation of profits of Multinational Enterprises (MNEs). Pillar One aims to adapt the international rules on how the taxation of corporate profits of the largest and most profitable MNEs is shared amongst countries, to reflect the changing nature of business models, including the ability of companies to do business without a physical presence. Pillar Two will set a floor to excessive tax competition. It aims to ensure that multinational businesses are subject to a minimum effective level of tax on all of their profits each year.
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EBA proposes to further harmonise EU law applicable to branches of third country credit institutions

30 June 2021
Knowledge Base

The European Banking Authority (EBA) has recently published a Report on the treatment of incoming third country branches (TCB) under the national law of Member States. The Report, which is addressed to the European Parliament, the Council and the Commission, illustrates the results of a stock-taking exercise conducted with competent authorities about their national regulatory law/regulations and supervisory practices and a mapping of the TCBs established in the Member States. Considering the increased volume of activities carried out by TCBs in a context of regulatory fragmentation across the EU, the Report lays down 14 high-level policy recommendations for further harmonisation of EU law. Continue reading…