Individual accountability will be industry 'game-changer'
Risk.net OpRisk Europe hears warnings on Senior Managers Regime In the midst of significant regulatory change, individual accountability is the “real game changer” coming out of the supervisory...
View ArticleLive coverage: OpRisk Europe conference 2015 – Day 2
Risk.net Highlights from London event Follow highlights from the gathering of risk professionals in London
View ArticleHSBC op risk team "were not delivering full value", Cooke says
Risk.net Overhaul focused on simplifying op risk management A year into an overhaul of its operational risk function, HSBC's op risk head Mark Cooke described how it had suffered from over-complexity...
View ArticleSantander op risk head aims to "get off bottom rung" after CCAR fail
Risk.net Bank fell short this year on qualitative op risk governance issues Santander's US chief operational risk officer tells Op Risk Europe that failing the Federal Reserve stress tests is...
View Article'Trust me' – Hayes regularly promised payment for brokers' help
Risk.net Jury hears chronologies of wash trades between 2008 and 2009 London's Southwark Crown Court hears how Tom Hayes organised 14 wash trades for his brokers between 2008 and 2009, as reward for...
View ArticleIosco plans conduct task force to combat 'ingrained' behaviour
Risk.net Chair says review will look at regulatory tools for supervision and enforcement International Organization of Securities Commissions steps into conduct and culture area with launch of task...
View ArticleUBS culture was tolerant of Libor abuse, Hayes told police
Risk.net"I couldn't have done it on my own"– court hears Court hears UBS never warned Tom Hayes for his conduct related to Libor, which is why he was so open about his tactics to enlist help from...
View ArticleJury hears Hayes faced tougher regime at Citi than at UBS
Risk.net Tougher oversight did not stop Libor-rigging, court told Hayes had significant compliance training at Citi and was aware of the bank’s stance on Libor rules, but carried on with his scheme of...
View ArticleBanks prepare to handle challenges of Fatca and its offspring
Risk.net Wave of tax-enforcement laws bringing new compliance demands The US Fatca tax-evasion law has triggered new tax compliance efforts around the world. Banks must now deal with new regulatory...
View ArticleTrial hears of Citi senior manager's concerns about Hayes
Risk.net Libor jury listens to phone call from 2009 citing "alarm bells" Libor trial hears that Citi senior manager Andrew Thursfield was "concerned" in 2009 over Tom Hayes's openness that he routinely...
View ArticleNo formal governance of Libor setting at Citi, court hears
Risk.net Bank relied on BBA and on-the-job training, fraud trial told London jury in Libor-rigging case hears from Citi Libor submitter about informal approach to benchmark setting
View ArticleLibor trial hears of lead-up to Hayes's dismissal from Citi
Risk.net Accused Libor rigger faced hurdles influencing Citi submitters Court hears how Tom Hayes’s attempts as a new trader at Citi to fix Libor in his favour resulted in his dismissal from the bank...
View ArticleHayes thought his Libor requests too small to be investigated, court hears
Risk.net Didn’t take BBA inquiries into low-balling too seriously Ex-UBS and Citigroup trader Tom Hayes continued his attempts to manipulate the yen Libor even as scrutiny of the benchmark intensified,...
View ArticleWorld Bank plans to put 'de-risking' on the global agenda
Risk.net Substantiated data should push policy-makers to act, says project head Banks are reportedly shutting down the accounts of customers in "high-risk" categories. The World Bank has begun work on...
View ArticleHayes prosecution puts the focus on dishonesty
Risk.net Closing remarks begin as Libor trial enters ninth week The language Tom Hayes used to persuade others to rig Libor submissions proves he knew what he was doing was wrong, the prosecution...
View ArticleHayes cannot blame others for his Libor fraud, prosecution argues
Risk.net First trial against individual for Libor rigging nears end Ex-UBS and Citi trader Tom Hayes was never forced to rig the London interbank offered rate (Libor), the prosecution said at Southwark...
View ArticleHayes believed he broke no rules – Libor trial
Risk.net Defence wraps up Hayes arguments “Overwhelming” evidence shows a culture of lawlessness around Libor between 2006 and 2010, the defence in the first Libor-rigging trial argued today
View ArticleDishonesty central issue of Hayes case, judge reminds jury
Risk.net Tom Hayes Libor trial enters final stage Judge Jeremy Cooke begins summarising Tom Hayes Libor-rigging trial for jury at Southwark Crown Court
View ArticleSuccess of cultural change rests with local managers – research
Risk.net Employee perceptions are key to assessing risk culture at large banks No matter what messages are coming from the board and senior management, local managers at large financial firms need to...
View ArticleHayes saw his Libor requests as a 'numbers game' – judge
Risk.net Judge's summing-up continues for jury Judge recaps Hayes's evidence from the witness stand as summing-up continues
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