Blogs

GRC in Financial Services

Demands for board and executive accountability, maze of country-specific regulations, spiraling compliance costs, rapid globalization, and the need to more effectively manage risk have combined to create an urgent imperative to implement a comprehensive Governance, Risk and Compliance (GRC) programme. An integrated approach to governance, risk and compliance is important to properly address the common challenge of functional, process, and technology silos.

Risk of Crimea

Positive Side of Risk

"The positive side of Risk is a wonderful line of thought. Humanity has progressed only because risk is an important aspect of growth, learning, earning, progress. It is as important and essential as fresh air. However once you isolate it as 'RISK" it is scary and as dangerous as isolating OXYGEN from air."

Watch Out Investors -A useful website

http://watchoutinvestors.co.in/default2a.asp

The link above empowers investors to learn more about the company before taking any financial decisions. Do have a look, This is just one step further in bringing transparency in the process.

Insider Threat to Information

A key executive leaves a financial services firm, purportedly to work in another industry. Any company would be disappointed to lose a senior executive. However, in this instance, he was followed by a spate of exits from his team. Thereafter the CEO also found from customers that this Executive had joined a competitor company and competitor was using certain confidential key numbers in their planning reports and presentations to customers. CEO also found that Executive had taken several hundreds of confidential electronic files with him to the other company.

Money laundering and terrorist financing through trade in diamonds

Category: 

The FATF and the Egmont Group of Financial Intelligence Units collaborated on a typologies research project to identify the money laundering and terrorist financing (ML/TF) vulnerabilities and risks of the “diamond pipeline”, which covers all sectors in the diamond trade: production, rough diamond sale, cutting and polishing, jewellery manufacturing and jewellery retailers.

Basel Guidelines on AML

Category: 

The Basel Committee on Banking Supervision has issued a set of guidelines to describe how banks should include risks related to money laundering and financing of terrorism within their overall risk management framework.

Prudent management of these risks, together with effective supervisory oversight, is critical in protecting the safety and soundness of banks as well as the integrity of the financial system. Failure to manage these risks can expose banks to serious reputational, operational, compliance and other risks.

United Bank of India - How Simple is projected as Complex

Banking is a very simple business.

You lend money and you recover money. In and Out. That's it.

And you don't need an automated system to tell you that you have not recovered money on your loans portfolio. there will be hundreds of people looking at data, reports, discussion, interactions with clients and so on who will know if there is a delay in payment.

A few examples
1. Did the Top Management not bother to see why the profits are being eroded.

2.Did Credit Risk Monitoring team not see that accounts had no activity during the annual reviews.

Insurance industry in 2014

With ex CMD of LIC joining as the IRDA chief and with greater focus on financial inclusion and innovations, this year promises to be quite interesting for insurance industry. Here is a roundup of actions expected in the insurance industry in 2014.

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