Risk Management Articles

Latest risk management articles to help you better understand the complex world of Risk management. If you would like to submit your articles of interest, do write to manoj.jain@riskpro.in and we will surely include your articles in this section.


Actuarial Science

Eligibility for Actuarial Science :

1) Should have completed 18 years of age

2) Should have attained any one of the following Educational Standards

A) Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics Or Statistics.

B) Graduate or Post Graduate with Mathematical subjects.

For this purpose following subjects constitute mathematical subjects;

. Mathematics or any of its branches

. Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics

. Econometrics

. Computer Sciences

Suitability and Appropriateness in Indian Context (Mifid tailor made for India)

The Markets in Financial Instruments Directive (MiFID) are already redefining the investment landscape in global markets. Heavy penalties and law suits ruled the world post financial crisis. Why? Because an old lady was sold investment products she did not understand or which are considered more volatile that her blood pressure. Derivatives in this case.

These stories are reducing in global markets, but not so in India.

Suitability and Appropriateness in India

Slowly and steadily, India is adopting global best practices (MiFID) surrounding Suitability and Appropriateness. Gone are the days when anyone could sell any investment product to any investors.

Take the following situation of a structured product sale, which is a SEBI guideline and law effective November 1, 2011.

1. ANYONE CAN SELL – Now only SEBI registered intermediary can sell structured products

2.SELL ANY PRODUCT – Now, only products suitable to a client, which are in accordance with his risk profile and those that are understood by the client can be sold

IRDA issues IPO norms for General Insurers

Insurance Regulatory and Development Authority issued a draft guidelines allowing General Insurance companies to tap the capital market. one of the main conditions is that they should have been in business for at least 10 years.A formal approval has to be requested from IRDA.

The draft norms titled "IRDA (Issuance of Capital by General Insurance Companies) Regulations, 2012" will come into force on the date of their publication in the official gazette.

ISO 31000 Survey

G31000, a non-profit organisation for raising awareness on ISO 31000, has recently released the First global ISO 31000 risk management survey.

"These were first presented at the First international conference on ISO 31000 in Paris last May. The survey was conducted between the 17th of October and 15th of December 2011."

For more on the ISO 31000 Survey, please obtain the file from G31000 Group by clicking on the link below.

http://www.g31000conference2012.org/ISO31000Survey2011

Fines paid by global banks helps US Regulators a revenue of USD 3 Bn since 2009 - A snapshot

Some of the biggest money-laundering settlements arose with biggest banks from a probe by US regulators that began in 2009 are as follows which earned the US government USD 3 Bn:

Sr. No

Bank Name

Description

1.      

HEALTH & SAFETY TRAINING COURSES ACROSS INDIA

NIST Offer a Comprehensive range of globally-recognised, vocationally-related qualifications designed to meet the health, safety, environmental and risk management needs of all places of work in both the private and public sectors. Courses leading to NEBOSH qualifications attract around 35,000 candidates annually.

Risk Management Alert: What's Happening around the world

Basel Committee has been busy issuing guidelines. Here are some of the latest that may be worthwhile.

The internal audit function in banks - final document (http://www.bis.org/publ/bcbs223.htm)
This is a really good document that clearly defines the Internal Audit Function in Banks. As we are aware internal audit can be one of the most effective Risk Management elements and should be effective enough.

Monitoring indicators for intraday liquidity management - consultative document (http://www.bis.org/publ/bcbs225.htm)

Which is better - FRM or PRM

FRM or PRM: Which course is better?
This is a question asked by many who aspire to be Risk Professionals.
 
General Comments
  • It doesn't matter too much which one you take because any of these gives you just basic knowledge. "Real world problems" are far-far away from the requirements of any designation

Basel creates a new breed of Banks - Domestic Systematically Important Banks (D-SIB)

Basel released its consultative document on framework for dealing with domestic systemically important banks. This is open for comments till 1 August 2012.

Essentially, the foundation of this framework is similar to the identification of Globally Systematically important Bank (G-SIB). G-SIB are those banks that are considered to have a significant impact on global banking system when they fail. In other words, these are Banks that are considered so large or “Too big to Fail”, that when they do fail, they are likely to have major consequences including failed economies of other countries.

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