Operational Risk News

Latest news articles on the subject of Operational Risk, Sarbanes-Oxley and Basel II. m-Bryonic Solutions Limited provide solutions for managing process efficiency and operational risk.

Sarbanes-Oxley Accelerator - Mapping Risks to Controls - March 29, 2005

To succeed with a Sarbanes-Oxley implementation, most companies find they need to align several related efforts: Governance, Risk Management, Compliance, and Security. In this approach, Governance does not exist for its own sake. Instead, it exists to help mitigate known risks and to prevent issues from occurring, to help ensure compliance to external and internal standards and requirements, and to provide a process-focused complement to electronic security efforts.
http://www.garp.com/risknews/newsfeed.asp?Category=21&MyFile=2005-03-29-10516.html

CIOs Best Positioned to Manage Enterprise Risk Management - March 28, 2005

Many CIOs are now faced with the challenge of managing enterprise risks for the simple reason that businesses depend more than ever on IT to be able to function. Yet enterprise risk management (ERM) is complex and requires a culture change that is frequently resisted by organizations because people view identifying risks as a form of criticism.
http://www.garp.com/risknews/newsfeed.asp?Category=19&MyFile=2005-03-28-10507.html

Operational risk and information security need to co-exist for effective risk management - March 23, 2005

Until recently organisations were able to put operational risk and information security into separate, watertight compartments. Operational risk sat in the audit department and probably reported to the CFO. While information security (if such a function existed) sat in the IT department and reported to the CIO (eventually).
http://www.continuitycentral.com/feature0189.htm

Hacking Raid on Sumitomo Bank Thwarted - March 21, 2005

Security experts are praising Sumitomo Mitsui Banking Corp. for admitting that it was the target of a failed $424 million hacking attempt.
http://www.riskcenter.com/story.php?id=10466

Seven Pitfalls Cited in Basel II Operational Risk - March 18, 2005

Institutions are being directed to meet compliance deadlines as regulations are still being written, leaving them uncertain whether the approaches they take and the expenditures they make will ultimately be within the rules.
http://www.garp.com/risknews/newsfeed.asp?Category=19&MyFile=2005-03-18-10462.html

Sarbanes-Oxley and outsourcing : time is running out for non-US companies - March 11, 2005

The Sarbanes-Oxley Act of 2002 (SOX) impacts on both user and service organisations. In this paper, Luc Klein MBA, senior business consultant in LogicaCMG's finance business consulting unit describes the options organisations have for compliance, the specific issues organisations must be aware of, and why time is running out for non-US companies listed in the United States.
http://www.continuitycentral.com/feature0183.htm

Non plastic related fraud increases - March 11, 2005

Losses by UK banks from non-plastic related fraud totalled GBP 107.6 million in 2004 according to figures released today by the British Bankers' Association (BBA). The figure represents an increase of 11 per cent over the previous year.
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=145&a=5409

Merrill Lynch Fined for Fund Violations - March 10, 2005

Merrill Lynch was fined $13.5 million by the NYSE yesterday due to the company's brokers engaging in improper timing of mutual funds.
http://www.garp.com/risknews/newsfeed.asp?Category=19&MyFile=2005-03-09-10390.html

Hidden Fraud Risk May Accelerate due to Sarbanes-Oxley - March 9, 2005

The complex and copious amounts of data stored on corporate networks after the enactment of the Sarbanes-Oxley Act may be creating greater opportunities for fraud, according to IT analysts.
http://www.riskcenter.com/story.php?id=10396

New ammunition in war against financial crime - March 2, 2005

Fraud prevention managers now have a new resource to help them tackle the threat of increasingly sophisticated financial crime. New guidance produced by the British Bankers Association (BBA) and MHA Consulting (MHA) will help financial institutions protect themselves from fraudsters, limit the associated financial losses, meet legal obligations under the Proceeds of Crime Act and, ultimately, protect customers from becoming victims.
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=145&a=5300