In an attempt to avoid another financial-market meltdown, a group of the world’s biggest banks, including Goldman Sachs, Morgan Stanley, JPMorgan Chase, Merrill Lynch and Citigroup, issued a report proposing a series of far-reaching reforms with the goal of cutting down on risk. Among the proposals: banks would hold down the number of investors who can buy [...]
Risk management has become an offensive field. Corporate boards today face unparalleled levels of business complexity, new regulations and mounting shareholder demands. As a result, executive search firm, A.E. Feldman, says risk management jobs are evolving to better manage initiatives to ensure that business objectives are met, losses are minimized, business processes are improved and [...]
Risk continues to top the list of corporate priorities among companies in the financial sector as well as a growing number of non-financial businesses. A recent survey of leading figures in the financial services industry from global service provider, Omgeo, shows that nearly 90% of respondents are taking increased measures to protect their firms against [...]
The credit crisis has triggered a broad and growing emphasis on risk. In fact, a recent study conducted by KPMG’s Audit Committee Institute (ACI) and the National Association of Corporate Directors shows that risk management is now the biggest concern for audit committees. Moreover, although most audit committee members at public companies say their audit [...]
Recent stress in the financial markets has prompted the Fed to move to improve its ability to oversee the stability of the financial system. Fed Chairman, Ben Bernanke, and SEC Chairman, Christopher Cox, recently signed a memorandum of understanding (MOU) between the two agencies that will deepen their information sharing and cooperation as well as [...]
Today, corporate boards face a challenging set of issues in responding to the need for improved oversight of risk management. A full 70% of financial institutions place such oversight responsibilities with the board, up from 57% in 2002, reports Financial Week citing a survey by Deloitte Global Risk Management. Financial Week quotes Lionel Allan, CEO [...]
Institutional investors remain strongly committed to hedge funds, despite last year’s downturn in performance, according to a recent study by Greenwich Associates and Global Custodian. Watson Wyatt’s Global Alternatives 99 research also shows that alternative assets managed on behalf of pension funds by the world’s 99 largest investment managers grew by 40% to $822 billion [...]
Poor risk management at top U.S. investment banks resulted in top execs missing the impact of valuation declines and liquidity shortages, said Scott Polakoff, Deputy Director of the Office of Thrift Supervision (OTS), in prepared testimony at a recent Senate Banking Committee hearing. “The risk management frameworks in place at these firms and others across [...]
Lehman Brothers has reshuffled top execs as the banks’ risk management is called into question. The embattled investment bank has replaced both its chief financial officer and its chief operating officer. The moves are the latest in a wave of management changes on Wall Street as banks continue to suffer heavy losses on mortgage assets [...]
Fed Bank of New York, President, Timothy Geithner, has proposed a plan to reduce risk in the financial system. In his comments published by FT.com, Geithner outlines five steps to improve market resilience in the future. Meanwhile, subprime losses have not only captured the attention of corporate boards, they’ve also forced banks to shore up [...]
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