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finance, banking and insurance
LATEST BUSINESS CONTINUITY NEWS HEADLINES
Enterprise risk management still not fit for purpose
According to a PricewaterhouseCoopers study of ERM in the insurance sector. Read article •Date: 2nd July 2008• Region: World •Type: Article •Topic: Financial sector
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Global Equities wins award for business continuity innovation
Global Equities, a Paris-based institutional financial services company, has won the prestigious Trophee de L’Innovation for pioneering use of technology. Read article •Date: 19th June 2008• Region: W.Europe •Type: Article •Topic: Financial sector
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Resilience Benchmarking Project Discussion Paper published
Tripartite authorities decide that there is no need to become more prescriptive in the UK’s regulatory approach to business continuity management in the financial sector. Read article •Date: 17th June 2008• Region: UK •Type: Article •Topic: Financial sector BC
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MAS updates IBTRM guidelines Aims to assist banks in establishing a sound and robust technology risk management framework. Read article •Date: 17th June 2008• Region: SE Asia •Type: Article •Topic: Financial sector BC
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New ISO standard helps firms address privacy risks
ISO 22307:2008, Financial services – Privacy impact assessment. Read article •Date: 3rd June 2008• Region: World •Type: Article •Topic: Financial sector BC
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Details of Singapore financial sector pandemic exercise published
The Association of Banks in Singapore, the Monetary Authority of Singapore and the Ministry of Home Affairs will coordinate a two-week industry-wide exercise to test the Singapore financial sector’s pandemic response plans. The exercise will take place between 28th August and 11th September 2008. Read article •Date: 16th May 2008• Region: SE Asia •Type: Article •Topic: Financial sector
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Survey looks at enterprise risk management practices in life insurance companies Lack of a clear and defined vision of risk tolerances, risk appetite and overall risk profile is the greatest failing. Read article •Date: 16th May 2008• Region: World •Type: Article •Topic: Financial sector
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US securities industry prepares for business continuity test
SIFMA and the Financial Information Forum will lead the annual securities industry-wide business continuity test on Saturday, June 7, 2008. Read article •Date: 15th May 2008• Region: US •Type: Article •Topic: BC testing
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SGX issues consultation paper on business continuity management framework
Business continuity management requirements will have to be adopted and implemented by SGX member firms. Read article •Date: 9th May 2008• Region: Asia Pacific •Type: Article •Topic: Financial sector
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Banking Banana Skins 2008
The turmoil in the financial markets has completely transformed the risk landscape, according to the latest ‘Banking Banana Skins’ survey conducted by the CSFI in association with PricewaterhouseCoopers. Read article •Date: 7th May 2008• Region: World •Type: Article •Topic: Operational risk
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Strohl adds emergency notification feature to PLANet
Enables community banks or credit unions to contact employees and vendors in a time of crisis. Read article •Date: 1st May 2008• Region: US •Type: Article •Topic: Crisis communications
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Joint Forum publishes risk concentrations paper
‘Cross-sectoral review of group-wide identification and management of risk concentrations.’ Read article •Date: 29th April 2008• Region: World •Type: Article •Topic: Financial sector
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Change your attitude to data security...
FSA tells UK financial services sector. Read article •Date: 25th April 2008• Region: UK •Type: Article •Topic: Financial sector
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Basel Committee on Banking Supervision announces steps to strengthen the resilience of the banking system
Measures include enhancements to Basel II and initiating efforts to strengthen banks' risk management practices. Read article •Date: 24th April 2008• Region: World •Type: Article •Topic: Financial sector
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Russia’s National Depository Center tests business continuity plan The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, has announced the successful completion of business continuity plan testing at its backup office. Read article •Date: 24th April 2008• Region: E.Europe •Type: Article •Topic: Financial sector
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Dubai Bank opens state-of-the-art disaster recovery centre
Dubai Bank has announced that is has implemented a state-of-the-art disaster recovery site for its core banking systems. The site is located 100 km away from the primary data centre and forms an integral part of Dubai Bank's business continuity plan. Faizal Eledath, chief information officer of Dubai Bank, explained the considerations behind choosing the site: “We had to look at the availability of different power grids, the distance from the primary data centre, and insulation from critical environmental factors such as seismic activity, floods, etc. Through the utilization of best-of-breed recovery technology and institutionalizing a full-fledged recovery process we have further secured our business critical data assets from natural disasters.” Source: http://www.ameinfo.com •Date: 22nd April 2008• Region: M.East •Type: Briefing •Topic: Financial sector BC
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Six industry sectors should be on high alert over climate change risks: KPMG
The climate change risks that companies should be paying more attention to are physical, regulatory and reputational risks as well as the emerging risk of litigation. Read article •Date: 10th April 2008• Region: World •Type: Article •Topic: Operational risk
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FFIEC publishes updated business continuity planning guidance
New version of the Federal Financial Institutions Examination Council’s ‘Business Continuity Planning Booklet’ available. Read article •Date: 20th March 2008• Region: US •Type: Article •Topic: Financial sector BC
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Ernst & Young highlights top ten risks facing the insurance sector 'Strategic business risk 2008’ report published. Read article •Date: 20th March 2008• Region: World •Type: Article •Topic: Operational risk
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FFIEC releases guidance on pandemic planning The Federal Financial Institutions Examination Council has issued guidance for use by financial institutions in identifying the continuity planning that should be in place to minimize the potential adverse effects of a pandemic. Read article •Date: 13th Dec 2007• Region: US •Type: Article •Topic: Pandemic planning
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Banks failing to take a holistic approach to information risk management
Managing risk is a priority, but less than a third of banks take an integrated approach to information management. Read article •Date: 23rd October 2007• Region: UK/W.Europe •Type: Article •Topic: Finance BC
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Compliance is no barrier to financial sector remote working A letter to the editor. Read article •Date: 9th October 2007• Region: UK •Type: Article •Topic: Financial sector
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Firms still challenged by the ‘security paradox’
Provision of budget does not often keep in step with awareness of problems: Deloitte Touche Tohmatsu survey. Read article •Date: 18th Sept 2007• Region: World •Type: Article •Topic: Financial sector
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Strohl Systems adds pandemic planning module to PLANet software tool Also announces pandemic planning webinar, to take place on September 12. Read article •Date: 6th Sept 2007• Region: US/World •Type: Article •Topic: Pandemic planning
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Invitations issued for US financial services sector pandemic planning exercise US Treasury Department sponsored exercise to test readiness to deal with a pandemic crisis. Read article •Date: 20th August 2007• Region: US •Type: Article •Topic: Pandemic planning
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Market-wide Exercise seminar resources
On 19 July 2007 over 120 delegates from a wide range of organisations attended a seminar in London to share the lessons learnt during the 2006 Market-wide Exercise about business response to a pandemic. A PowerPoint giving details of the various presentations and resources made available at the event is available here. •Date: 3rd August 2007• Region: UK •Type: Article •Topic: Financial sector
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Basel II and financial institution resiliency Nout Wellink, chairman of the Basel Committee on Banking Supervision and President of the Netherlands Bank, overviews the subject. Read article •Date: 28th June 2007 • Region: World •Type: Article •Topic: Operational risk
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‘Overview of Financial Sector Pandemic Flu Planning’
New UK Tripartite Authorities report. Read article •Date: 26th June 2007 • Region: UK •Type: Article •Topic: Pandemic planning
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Basel II updates
- APRA releases revised Basel II advanced approaches
The Australian Prudential Regulation Authority has released a paper that sets out its responses to submissions on its proposals to implement the advanced approaches under the new Basel II capital adequacy regime http://www.apra.gov.au/ADI/Basel-II-implementation-in-Australia.cfm.
- Recent initiatives by the Basel-based committees and groups
BIS Quarterly Review, part 8, June 2007 http://www.bis.org/publ/qtrpdf/r_qt0706j.pdf •Date: 14th June 2007 • Region: World/Australia •Type: Briefing •Topic: Op risk
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‘UK Financial Sector Business Continuity Quarterly Summary’ published Tripartite Standing Committee on Financial Stability highlights upcoming activities. Read article •Date: 12th June 2007 • Region: UK •Type: Article •Topic: Financial sector
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Northeastern Pennsylvania to provide back-up location for Wall Street firms Federal and state-funded program will include a fiber optic network connecting lower Manhattan with northeastern Pennsylvania. Read article •Date: 8th June 2007 • Region: US •Type: Article •Topic: Recovery facilities
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APRA releases Basel II market disclosure proposals
The Australian Prudential Regulation Authority (APRA) has released a discussion paper and draft prudential standard setting out its proposed approach to market disclosure under the new Basel II capital adequacy regime. The approach applies to all locally incorporated authorised deposit-taking institutions in Australia.
The proposals aim to enhance transparency and market discipline in Australian financial markets through high quality and timely market disclosure on the risk management practices and capital adequacy of ADIs. Both the discussion paper and the draft prudential standard are available on APRA's web site at http://www.apra.gov.au/ADI/Basel-II-implementation-in-Australia.cfm •Date: 7th June 2007 • Region: Australia •Type: Briefing •Topic: Operational risk
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Banana Skins 2007 PricewaterhouseCoopers survey gives an overall ranking of risks facing the insurance sector. Read article •Date: 29th May 2007 • Region: World •Type: Article •Topic: Operational risk
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US financial sector pandemic response capabilities exercise scheduled Multi-week, sector-wide pandemic exercise scheduled to begin on September 24, 2007. Read article •Date: 29th May 2007 • Region: US •Type: Article •Topic: BC testing and exercising
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Market-wide Exercise follow-up seminar Lessons from last autumn’s UK-wide financial sector pandemic planning exercise will be shared with non-participant firms at a seminar on 19th July. Read article •Date: 24th May 2007 • Region: UK •Type: Article •Topic: Financial sector
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Reserve Bank of Australia to get new business continuity solution IPC has announced that it has entered into a partnership with the Reserve Bank of Australia to provide a fully resilient communications infrastructure for a second trading floor that will provide business continuity for the financial markets group. Read article •Date: 4th May 2007 • Region: Australia •Type: Article •Topic: Financial sector
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Concern expressed over security risks in MiFID compliance MiFID will expose existing security flaws as well as introducing new threats that will need to be managed. Read article •Date: 4th May 2007 • Region: Various •Type: Article •Topic: Financial sector
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BACS software glitch causes huge problems for UK businesses Electronic payments not being made on time. Read article •Date: 30th March 2007 • Region: UK •Type: Article •Topic: Financial sector
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National Computer Forensic Institute unveiled The US Department of Homeland Security and Alabama state officials has unveiled the National Computer Forensic Institute in Hoover, Ala., that will assist in the field of computer forensics and digital evidence analysis. The institute will be developed by the US Secret Service and is partially funded by the department’s National Cyber Security Division. It will serve as a national cyber crimes training facility. Training will be based on the current US Secret Service curriculum and include: basic electronic crimes investigation, network intrusion investigation and computer forensics. The US Secret Service is responsible for protecting America’s financial infrastructure. The Secret Service electronic crimes program is an integral part of the agency’s efforts in combating high-tech electronic and computer crimes. •Date: 15th March 2007 • Region: N.America •Type: Briefing •Topic: Financial sector
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Regions to develop $30.5m disaster recovery center Regions Financial Corp. has announced that it will develop a new $30.5 million disaster recovery center in Nashville to support its Birmingham (US) facility.The disaster recovery center will be an expansion of Region’s existing Nashville data center, located on Metroplex Drive. The expanded center, to be operable by July, will enable a rapid recovery from any disaster, while adding more security and protection for Regions’ customers and the company itself. Read the Nashville City Paper story. •Date: 15th March 2007 • Region: N.America •Type: Briefing •Topic: Financial sector
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FSSCC publishes 2006 annual report The Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security has published its 2006 Annual Report describing the organization's efforts to enhance the sector's resiliency and providing a showcase for the banking and finance Sector Specific Plan. This is the third Annual Report produced by FSSCC, and it again highlights the initiatives undertaken by FSSCC members to protect the financial system from natural and man-made disruptions. www.fsscc.org •Date: 7th March 2007 • Region: US •Type: Briefing •Topic: Financial sector
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No SIA industry-wide business continuity test in 2007 2005 and 2006 tests will be followed by an expanded test in late spring 2008; but pandemic planning exercise and crisis communications test scheduled for 2007. Read article •Date: 27th Feb 2007 • Region: US •Type: Article •Topic: Financial sector BC
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Business continuity issues for the UK financial sector 2007 Business continuity managers in the financial services industry could be in for a busy year... Read article •Date: 19th Feb 2007• Region: UK •Type: Article •Topic: Financial sector BC
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UK financial sector authorities publish business continuity activity report 'Financial Sector Business Continuity Quarterly Summary’. Read article •Date: 16th Feb 2007 • Region: UK •Type: Article •Topic: Financial sector
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DataMonitor research finds financial sector business continuity divide City traders and brokers are much less well prepared than other FS firms. Read article •Date: 15th Feb 2007 • Region: UK •Type: Article •Topic: Financial sector
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FSA publishes Financial Risk Outlook 2007 Highlights priority threats and urges firms to improve stress testing. Read article •Date: 1st February 2007 • Region: UK •Type: Article •Topic: Financial sector
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FSTC names co-chairs of Business Continuity Standing Committee Marty Plevel of KPMG LLP, the audit, tax and advisory firm, and Randy Till of MasterCard Worldwide will lead this industry-wide forum. Read article •Date: 17th January 2007 • Region: US •Type: Article •Topic: Financial sector
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UK Financial Sector Market Wide Exercise 2006 report now available The feedback from participants shows ‘unequivocally' that the objectives were met. Read article •Date: 5th January 2007 • Region: UK•Type: Article •Topic: Financial sector
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OSE and Jasdaq exchanges to provide mutual business continuity support Agreement enhances resilience of Japanese stock market. Read article •Date: 3rd Jan 2007 • Region: Asia Pacific •Type: Article •Topic: Financial sector BC
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New Financial Services ISAC committee to consider physical security and business continuity issues Committee will be composed of physical security and business continuity professionals from FS-ISAC member institutions. Read article •Date: 20th Dec 2006• Region: US •Type: Article •Topic: Financial services
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Good progress on risk management but more needed, FSA tells insurers Firms need to further improve the effectiveness of their risk management frameworks. Read article •Date: 1st Dec 2006• Region: UK •Type: Article •Topic: Financial sector
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Monetary Authority of Singapore publishes Financial Stability Review The Financial Stability Review (FSR) analyses the risks and vulnerabilities arising from developments in Singapore and the global economy and assesses their implications for the soundness and stability of the country’s financial system. The FSR is published in June and December. The latest issue is now available. •Date: 1st Dec 2006• Region: SE Asia •Type: Briefing •Topic: Financial sector
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Six week UK market wide financial sector exercise finishes The practicality of relying on home-working as a business continuity strategy for key staff under question. Read article •Date: 27th Nov 2006• Region: UK •Type: Article •Topic: Financial sector
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UK Tripartite Authorities release final version of Business Continuity Management Practice Guide Self-help guide published alongside a benchmarking tool. Read article •Date: 2nd Nov 2006• Region: UK •Type: Article •Topic: Financial sector
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Implementation of the new capital adequacy framework in non-Basel Committee member countries The Bank of International Settlements has published a summary of responses to the 2006 follow-up Questionnaire on Basel II implementation. Read the document •Date: 2nd Nov 2006• Region: UK •Type: Article •Topic: Financial sector
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Standing Committee on Financial Stability publishes business continuity report Outlines the work of the UK Tripartite Authorities with the private sector over the past year. Read article •Date: 31st October 2006• Region: UK •Type: Article •Topic: Financial Sector
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US financial services industry business continuity test ‘a success’ “This year’s test demonstrates once again that the significant amount of resources and time devoted by the industry to BCP planning has paid off.” Read article •Date: 24th October 2006• Region: US •Type: Article •Topic: Testing & exercising
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A supervisory perspective on enterprise risk management Susan Schmidt Bies, Member of the Board of Governors of the US Federal Reserve System, used the American Bankers Association Annual Convention as a forum to present her views on enterprise risk management in the banking sector. Read article •Date: 20th October 2006• Region: US/World •Type: Article •Topic: Op. risk
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Financial Services Authority reports on thematic review of stress testing
Stress testing at ten large firms in the UK banking, building society and investment banking sectors studied. More details •Date: 19th October 2006• Region: UK •Type: Article •Topic: Operational risks
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Basel Committee issues paper on range of practice in Advanced Measurement Approaches The Basel Committee on Banking Supervision has released a paper entitled ‘Observed range of practice in key elements of Advanced Measurement Approaches (AMA)’. The paper describes a cross-section of the practices supervisors have observed in relation to some of the key challenges in the operational risk-related work of banks targeting the AMA. http://www.bis.org/publ/bcbs131.htm •Date: 18th October 2006• Region: World •Type: Briefing •Topic: Operational risk
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UK financial sector Annual Market-wide Exercise gets underway Pandemic planning exercise will run from 13th October to 24th November. More details •Date: 13th October 2006• Region: UK •Type: Article •Topic: Testing and exercising
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US securities industry gears up for business continuity test Industry-wide business continuity test takes place on Saturday, October 14th, 2006. More details •Date: 13th October 2006• Region: US •Type: Article •Topic: Testing and exercising
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Basel II advanced measurement approaches to operational risk : APRA
The Australian Prudential Regulation Authority (APRA) has released a paper setting out its response to industry submissions on its proposed approach to the advanced measurement approaches (AMA) to operational risk under the Basel II capital framework. More information •Date: 12th October 2006• Region: Australia •Type: Briefing •Topic: Op. risk
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Australian financial sector gets pandemic planning guidance
APRA has published an information paper and prudential practice guide to assist regulated institutions with their business continuity planning for a potential pandemic. More details •Date: 11th October 2006• Region: Australia •Type: Article •Topic: Pandemic planning
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BIS releases various Basel II and operational risk documents
Provide updates on various aspects of the above subjects. More details •Date: 5th October 2006• Region: Various •Type: Article •Topic: Operational risk
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Details of Annual Market-wide Exercise 2006 published
Tripartite led business continuity exercise will focus on pandemic preparedness of UK financial services sector.
More details •Date: 19th Sept 2006• Region: UK •Type: Article •Topic: Financial sector
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Disaster recovery is a weak link in US insurance sector business continuity planning According to a survey conducted by IVANS.
More details •Date: 19th Sept 2006• Region: US•Type: Article •Topic: Financial sector
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Financial Stability Forum meets in Paris
Pandemic ‘flu planning and associated business continuity measures were on the agenda.
More details •Date: 12th Sept 2006• Region: World •Type: Article •Topic: Financial sector
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FSA publishes firm risk assessment framework
The UK FSA has published a paper which highlights and explains important changes it has made to ARROW, its ‘Advanced, Risk-Responsive Operating FrameWork’ which covers all of FSA’s risks, firm-specific, thematic and internal. The document sets out what firms can expect from its risk assessment process and how that differs for firms with and without a Relationship Manager. Read the document (PDF) •Date: 1st September 2006 • Region: UK • Type: Briefing •Topic: Financial sector BC
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Joint Forum publishes final ‘High-level principles for business continuity’ paper
Based around seven high-level principles that build upon traditional concepts of effective business continuity management.
Read article •Date: 30th August 2006• Region: World •Type: Article •Topic: Financial sector
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Malaysia's banking regulator consults on new business continuity guidelines
The primary objective of the guidelines will be to enforce minimum business continuity management requirements.
Read article •Date: 17th August 2006• Region: Asia Pacific •Type: Article •Topic: Financial sector
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Reserve Bank of India provides business continuity instructions to banks
Advice issued to help banks recover quickly from natural disasters.
Read article •Date: 11th August 2006• Region: Asia •Type: Article •Topic: Financial sector
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FSA consults on MiFID rules for firms and markets
The Financial Services Authority (FSA) has published a consultation paper on implementing the Markets in Financial Instruments Directive (MiFID) for FSA-regulated firms and markets. Go there •Date: 4th August 2006• Region: UK •Type: Briefing •Topic: Operational risk
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UK business continuity take-up explored
New research by Viatel looks at business continuity planning differences between the finance, retail and manufacturing sectors.
Read article •Date: 3rd August 2006• Region: UK •Type: Article •Topic: BC statistics
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APACS makes business continuity investment UK payments association’s BCP revolves around home working during a disaster.
Read article •Date: 21st July 2006• Region: UK •Type: Article •Topic: BC markets
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Concentration risk high on the agenda Many questions are being asked; what answers are required? David Honour looks at this hot topic.
Read article •Date: 12th July 2006 • Region: UK/World • Type: Article •Topic: Recovery facilities
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Iron Mountain calls for records management readiness for MiFID compliance MiFID poses yet another compliance risk to firms: especially those who don’t prepare an effective records management strategy.
Read article •Date: 7th July 2006• Region: UK/W.Europe •Type: Article •Topic: Op. risk
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FSA publishes Resilience Benchmarking Project feedback and draft business continuity management guide Guidance aims to help infrastructure providers and regulated firms in their BC planning by identifying and sharing examples of business continuity practice.
Read article •Date: 6th July 2006• Region: UK •Type: Article •Topic: Financial sector
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A perfect storm – why are some operational losses larger than others? Basel II’s Loss Distribution Approach makes the assumption that all loss events are drawn from the same underlying ‘model’, and can be grouped using ‘Loss Event Types’. This paper by Patrick McConnell challenges these assumptions.
Read article •Date: 29th June 2006 • Region: World • Type: Article •Topic: Operational risk
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Banking banana skins poll results Regulatory overkill is identified as the greatest risk facing the financial sector.
Read article •Date: 29th June 2006• Region: UK/World •Type: Article •Topic: Financial sector
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What are examiners looking for when they examine banks for compliance?
Remarks about compliance-risk management by Mark W Olson, Member of the Board of Governors of the US Federal Reserve System, at the American Bankers Association's Regulatory Compliance Conference, Orlando. Read •Date: 16th June 2006• Region: US • Type: Briefing •Topic: Financial sector
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Business continuity a priority for the Cayman Islands Monetary Authority CIMA outlines recent business continuity investments.
Read article •Date: 20th June 2006• Region: Caribbean• Type: Article •Topic: BC general
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US agencies provide financial institutions with hurricane-related business continuity advice ‘Lessons Learned From Hurricane Katrina: Preparing Your Institution for a Catastrophic Event’.
Read article •Date: 16th June 2006• Region: US • Type: Article •Topic: Financial sector
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‘Business continuity oversight expectations for systemically important payment systems (SIPS)’ New business continuity rules for organisations involved in euro payment systems processing. Read article •Date: 13th June 2006• Region: W.Europe • Type: Article •Topic: Financial sector
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New ISO standard aims to ensure the security of financial transactions on the Internet Sets out best practice frameworks and defines control objectives and supporting procedures to manage risks. Read article •Date: 25th May 2006• Region: World • Type: Article •Topic: Financial sector
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IT disaster recovery guidelines Thailand 's Foreign Bankers' Association has published an English version of the IT disaster recovery guidelines for banks which the Bank of Thailand published at the end of 2005. Go there •Date: 25th May 2006• Region: Asia Pacific • Type: Briefing •Topic: Financial sector
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Challenges and implications of Basel II for Asia
Remarks by Dr Y V Reddy, Governor of the Reserve Bank of India, at the seminar on ‘Challenges and implications of Basel II for Asia’ as a part of the Asian Development Bank’s 39th Annual Meeting of the Board of Governors, Hyderabad. Read the speech http://www.bis.org/review/r060512b.pdf •Date: 17th May 2006 • Region: Asia • Type: Briefing •Topic: Operational risk
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Macroeconomic and financial stability issues raised by a global influenza pandemic The Financial Stability Forum has published a report which reviews some of the ways in which a global influenza pandemic may affect macroeconomic and financial stability. It then identifies areas which call for planning and coordination by financial system participants and authorities. Read the report (PDF) •Date: 11th May 2006 • Region: World • Type: Briefing •Topic: Financial sector
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Singapore financial sector conducts large-scale industry-wide business continuity exercise ‘Exercise Raffles’ carried out on Tuesday, 9th May 2006. Read article
•Date: 11th May 2006 • Region: SE Asia • Type: Article •Topic: Financial sector
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Joint implementation plan for MiFID The FSA has made available a document which sets out the basis of its continued joint working with the UK Treasury on MiFID implementation. It also outlines the FSA’s consultation programme and the timetable for making necessary changes to legislation and rules. Read the document •Date: 5th May 2006• Region: UK • Type: Article •Topic: Financial sector
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Interagency report to Congress on financial system resilience Looks at the efforts of the private sector to implement the ‘Interagency Paper on Sound Practices to Strengthen the Resilience of the US Financial System’. Read article
•Date: 3rd May 2006• Region: US • Type: Article •Topic: Financial sector
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Safety first – scenario analysis under Basel II This paper by Patrick McConnell and Martin Davies proposes a structured approach to scenario analysis for Basel II, based on concepts proven in other industries. Read article •Date: 28th April 2006 • Region: World • Type: Article •Topic: Operational risk
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Securities Industry Association publishes details of October industry-wide business continuity test
The Securities Industry Association, The Bond Market Association, Futures Industry Association and Financial Information Forum will lead an industry-wide business continuity test in the United States on Saturday, October 14th, 2006. Read article •Date: 28th April 2006• Region: US • Type: Article •Topic: BC testing
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Many North American life insurers still in planning stage for ‘flu pandemic preparations
North American life insurance companies lag behind their international counterparts in their preparation for a possible avian influenza pandemic, according to a survey conducted during the first two weeks of April 2006. Read article •Date: 26th April 2006• Region: US • Type: Article •Topic: US Pandemic planning
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Mario Draghi to succeed Roger Ferguson as chairman of the Financial Stability Forum Following consultations within the Financial Stability Forum's (FSF) membership, the G7 Finance Ministers and central bank Governors have confirmed their support for the designation of Mario Draghi as Chairman of the FS. Mr Draghi is Governor of the Bank of Italy. He will succeed Roger W Ferguson, Jr, who has been the FSF's Chairman since May 2003, when he steps down at the end of April. The FSF's next meeting is planned for September 2006. www.fsforum.org •Date: 26th April 2006• Region: World • Type: Article •Topic: Financial sector
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Middle East payment and security solutions provider to set up new disaster recovery centre EastNets is developing a disaster recovery back up solution for the Bahrain banking sector. The system will enable the Bahraini governmental and financial sectors to securely host their Swift-based applications. Read the story •Date: 25th April 2006 • Region: M.East • Type: Article •Topic: Financial sector
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Lessons from UK Financial Sector Market-wide Exercise published
Lessons include: more work is needed to identify supply chain interdependencies; and greater focus required on people aspects of business continuity planning. Read article •Date: 11th April 2006• Region: UK • Type: Article •Topic: Financial sector
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Overview of UK financial markets contingency plans published
The Tripartite Authorities have published the ‘Money Markets Liaison Group Contingency Matrix’. This provides, in tabular form, a clear and concise overview of contingency planning for all aspects of the UK ’s financial markets. Read article •Date: 7th April 2006• Region: UK • Type: Article •Topic: Financial sector
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Sound capital and risk management
Susan Schmidt Bies, Member of the Board of Governors of the US Federal Reserve System, has used the OpRisk USA 2006 Conference as a platform to speak about the importance of risk management and its relationship to capital. She also explored what goes towards effective operational risk management and offered her observations on some of the challenges of operational-risk quantification. Read the speech at http://www.bis.org/review/r060404e.pdf •Date: 6th April 2006 • Region: World • Type: Briefing •Topic: Operational risk
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The anatomy of Business Process–specific Key operational Risk Indicators
Business Process–specific Key operational Risk Indicators are the key to proactive operational risk management, says Jee Meng Chen. Read article •Date: 4th April 2006 • Region: SE Asia/World • Type: Article •Topic: Operational risk
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FSA establishes financial sector pandemic planning discussion group
The group’s first action has been to help design a questionnaire that has recently been dispatched to key organisations to assess their preparedness for a pandemic. Read article •Date: 4th April 2006• Region: UK• Type: Article •Topic: Financial sector
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UK Tripartite Authorities clarify financial stability and business continuity roles
‘Memorandum of Understanding for Financial Stability’ published. Read article •Date: 24th March 2006• Region: UK • Type: Article •Topic: Financial sector
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APRA publishes outsourcing risk management proposals The Australian Prudential Regulation Authority has issued a consultative discussion paper, accompanied by draft prudential standards and a prudential practice guide, on managing outsourcing risks. Read article •Date: 24th March 2006• Region: Australia • Type: Article •Topic: Financial sector
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Grant provided to enable Nigerian Stock Exchange to develop robust business continuity and disaster recovery plans
The US Trade and Development Agency has provided the Nigerian Stock Exchange with a $236,410 grant. Read article •Date: 22nd March 2006• Region: Africa • Type: Article •Topic: Financial sector
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FSSCC annual report published Summarizes what was carried out in 2005 to ensure the safety and soundness of the US 's financial services markets. Read article •Date: 22nd March 2006• Region: US • Type: Article •Topic: Financial sector
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FSTC forms enterprise architecture standing committee
The Financial Services Technology Consortium has announced that it has created a new standing committee whose mission is to focus on enterprise architecture issues that affect the entire spectrum of the financial services industry. William J. Barr, a seasoned executive with over 30 years of experience developing technology solutions for financial institutions and other Fortune 500 companies has been named managing executive of this committee. “Financial services organizations today all face the same technology challenges relating to enterprise architecture,” said Dan Schutzer, executive director of FSTC. “Among them are: regulatory compliance, technology risk management, integrating emerging technologies, the linking of technology architecture to business issues, and managing the overall complexity of technology.” www.fstc.org •Date: 22nd March 2006• Region: US • Type: Briefing •Topic: Financial sector
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Fourth Asia-Pacific regional meeting of the Financial Stability Forum held
Pandemic planning discussed: delegates agreed on the need for business continuity planning, focusing in particular on maintenance of the operation of payments systems, and stressed the importance of effective communication in the event of a pandemic. Read article •Date: 17th March 2006• Region: Various • Type: Article •Topic: Financial sector BC
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FSA asks for feedback on Resilience Benchmarking discussion paper
The UK ’s Financial Services Authority is urging business continuity managers to comment on the proposals in the Resilience Benchmarking discussion paper. The deadline is 31st March 2006. Read article •Date: 16th March 2006• Region: UK• Type: Article •Topic: Financial sector BC
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Philippine financial institutions get low marks for disaster recovery abilities
A recent study by Financial Insights has found that despite Philippine central bank regulations requiring financial institutions to have business continuity and disaster recovery plans in place, local firms are not as well prepared for disaster recovery as firms in other regions of the world. The study found that 33 percent of the firms interviewed in the survey admitted that their organizations need more than 24 hours to recover from major downtime. Read the story •Date: 14th March 2006• Region: SE Asia • Type: Briefing •Topic: Financial sector
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Basel II implementation - assessing progress to date and next steps Mr Nicholas Le Pan, superintendent, Office of the Superintendent of Financial Institutions, Canada; chairman of the Basel Accord Implementation Group; and vice chairman of the Basel Committee on Banking Supervision, has given a speech summarising the current status of Basel II. Read the speech at http://www.bis.org/review/r060313d.pdf •Date: 14th March 2006• Region: World • Type: Briefing •Topic: Financial sector
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Enterprise risk management still not fit for purpose