Basel Committee on Banking Supervision – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР https://risk-academy.ru Управление рисками, риск менеджмент, обучение по управлению рисками, тренинг риск менеджмент Sun, 30 Aug 2020 13:36:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://raruswebsite.s3.amazonaws.com/wp-content/uploads/2018/02/10213225/cropped-favicon-32x32.png Basel Committee on Banking Supervision – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР https://risk-academy.ru 32 32 Independence of the Compliance Function: A Critical Component of the Three Lines Model https://risk-academy.ru/independence-of-the-compliance-function-a-critical-component-of-the-three-lines-model/ Fri, 28 Aug 2020 11:00:52 +0000 https://risk-academy.ru/independence-of-the-compliance-function-a-critical-component-of-the-three-lines-model/

Ellen McCarthy, Head of Compliance at Computershare, opines on the IIA’s recent updates to its three lines of defense model, positing that they fail to recognize the importance of the independence of the compliance function.

The Institute of Internal Auditors (IIA) last month issued a new three lines model, updating its “Three Lines of Defense” model to set forth the IIA’s “latest understanding of governance and risk management.” Below, I have set out my personal view along that, while the new model applies flexibility and a principles-based approach (a very positive development), the chief shortcoming of the model is that it overlooks the criticality of the independence of the compliance function.

Independence of Compliance: What does it mean?

The Basel Committee on Banking Supervision (BCBS), a 45-member global group of banking regulators and central banks, has published what many consider the most cogent description of compliance function independence. Members of this group include:

  • Board of Governors of the Federal Reserve System
  • Office of the Comptroller of the Currency
  • Federal Deposit Insurance Corporation
  • Federal Reserve Bank of New York in the United States
  • Prudential Regulation Authority
  • Bank of England in the United Kingdom
  • European Central Bank
  • Swiss Financial Market Supervisory…

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]]> Basel Committee updates principles for banks’ operational resilience https://risk-academy.ru/basel-committee-updates-principles-for-banks-operational-resilience/ Thu, 06 Aug 2020 11:20:25 +0000 https://risk-academy.ru/basel-committee-updates-principles-for-banks-operational-resilience/
In recent years, the growth of technology-related threats has increased the importance of banks’ operational resilience.

The Covid-19 pandemic has made the need to address these threats even more pressing. Given the critical role played by banks in the global financial system, increasing banks’ resilience to absorb shocks from operational risks, such as those arising from pandemics, cyber incidents, technology failures or natural disasters, will provide additional safeguards to the financial system as a whole.

Recognising that a concerted operational resilience effort may not prevent a significant shock resulting from a specific hazard, the Committee seeks comment on proposed Principles for operational resilience that aim to mitigate the impact of potentially severe adverse events by enhancing banks’ ability to withstand, adapt to and recover from them.

The Committee is of the view that operational resilience is also an outcome of effective operational risk management. Activities such as risk identification and assessment, risk mitigation (including the implementation of controls) and ongoing monitoring work together to minimise operational disruptions…

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