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Money Laundering Regulations are simply Black and White

We have been reading about a lot of Money Laundering scrutiny recently. HSBC is in depp trouble and had to pay massive penalties. Now we have Standard Chartered Bank accused of non compliance with US OFAC regulations by supporting Iranian businesses conduct transactions out of SCB's NY office.

While these are serious situations, one thing is pretty clear. There is a distinction between the two instances.

Living Will for the Large Banks...They surely need given the recent suicidal developments

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually to the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). Each plan must describe the company's strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company.

HDFC Standard Life penalised by IRDA - Poor risk management practices

Customers are Cheering. Insurers are shocked. Media is thrilled.

This is what we call a makeover of the Insurance industry by IRDA. Today, IRDA is doing just what it should Supporting consumer confidence in the growing insurance industry.

IRDA recently imposed a penalty over Rs 1 crore (Rs. 1.47 crore) for unfairly rejecting 21 death settlement claims. The penalty was mainly because of unlawful denial of claims during the 90 days waiting period.

Infosys linked yet again in fraudulent practices

Time and again we hear of Infosys and the good deeds of Narayan Murty. But lately, the negative stories are always published with some linkage to Infosys.

Infosys visa scandal, SKS Microfinance collapse and now the recent Onmobile fraud all have something in common - Infosys. What are the lessons from such incidents. Is it that no company or its business model is insulated from frauds and scandals despite the transparent corporate governance or reputed owners of these company. How can good reputed companies protect their reputation from such incidents.

Enterprise Risk Management for Cloud Computing

Finally, COSO comes out with its guidance on Risk Management relating to Cloud computing. For so long, risks relating to cloud computing have been in the air.. literally.

COSO guidance enables executives to identify, monitor, and mitigate or accept the risks that come with using cloud computing.

Approaching ERM in the Cloud Computing Paradigm

Massive dent on JP Morgan's Reputation

The actual trading loss might not have had such a major impact. But the reputation is surely taking a beating.

For the past few months, I have been getting google alerts and other risk management articles and everyday, I read something or the other about the JP Morgan fiasco. Clearly, reading it once is bad enough for the brand, but everyday I am told that JP Morgan had bad systems, weak risk culture, framework and poor corporate governance.

RBI asks banks to adopt unique customer identification

Recently, I read the above article on the net. It mentioned that The Reserve Bank of India (RBI) has asked banks to develop a unique system of customer identification across the banking system. Clearly, we know the fundamental reason why this is required. Today, many borrowers are approaching multiple Banks to access the Banking money. Which Bank has granted the loan and which has refused it is not known to other Banks. In other words, the Borrower's borrowing history and default history is not fully available to the lending institutions.

Euro Market Outlook – Risk Management badly needed

Ernst and Young have come out with a very good outlook report on Euro market and the impact on various industries such as Banking Asset Management, Insurance companies. The report highlights some of the major risks to these industries as a fall out of the crisis.

 Please download the report from the following link. Any feedback or comments may be provided to manoj.jain@riskpro.in

IRDA considers permitting insurance companies to take on Derivatives

Derivatives are strange instruments indeed. Some countries like them, some don't. Some regulators are against them and others are not. But, nonetheless, Derivatives play a very important part in the overall management of future exposures and liabilities. For the insurance industry that has very long dated liabilities, it does not have sufficient instruments currently to address those liabilities. Investing in Government paper, highly rated debt usually provides low returns. Then, there are also restrictions in types of instruments in which life insurance companies can invest.

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