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February 23, 2011
2011 Risk and Compliance Initiatives - Top 10 List!
Picking up the thread again after some heavy lifting around our overall approach to Risk technology. I will share more on above in due course. Based on my discussions with companies around the world, following are my top picks for 2011 initiatives:
1.Basel III consultations for global/ EU based firms
2.New Liquidity Risk requirements for UK, Australia based firms
3.Dodd Frank Reform and Consumer Protection Law - interpretations and implications for US based firms
4.Basel II, IFRS for those countries that are on delayed timelines
5.Solvency II for Insurance companies
6.Electronic discovery (e-discovery) for US and global firms
7.Expanding and executing Operational Risk/Enterprise Risk Management initiatives
8.Technology Risk - Potential Cloud based business models
9.Reputation Risk - Social Media usage for business
10.Environmental Sustainability & Compliance – Green IT
What do you think ? Am I missing something major ?
Posted by spachava at February 23, 2011 03:10 PM
I would like to add a few
1. BCP and DRP initiatives will get a boost in 2011, in view of the enhanced political risk and climatic changes.( May be Part of broader oprisk /erm processes)
2. As a result of new regulations, Compliance Risk will be in the fore.
3. Role of Board and corporate governance issues will come under focus in many countries.
4. Model risk will be assessed
5. Systemic risk fcus- supervisory bodies will engage in systemic risk monitoring issues
Posted by: Sunando at March 2, 2011 08:20 AM
dear Sunando; thanks for your insights, sir;
I agree to your list.
As you point out BCP and DR do fall in Op Risk/ERM in most firms i have engaged with. but depending upon the business model I would agree it can be an area by itself. I remember UK FSA issuing some guidelines around Offshore/Outsourcing and the accompanying Op risk mitigation/service availability;
Posted by: sai sireesh at March 2, 2011 08:27 PM
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