Understanding Risk Management and Compliance, What Is Different After Monday, February 10, 2014 [NOOK Book]

Overview

I am impressed. The Regulatory Consistency Assessment Programme (RCAP) works very well.
This is the jurisdiction-specific peer assessment in which a small team of experienced supervisors and regulatory policy experts reviews a member country's Basel III regulations across all its components and sub-elements.

The purpose is to find any divergences from the agreed standards and to weigh the current and potential...

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Understanding Risk Management and Compliance, What Is Different After Monday, February 10, 2014

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Overview

I am impressed. The Regulatory Consistency Assessment Programme (RCAP) works very well.
This is the jurisdiction-specific peer assessment in which a small team of experienced supervisors and regulatory policy experts reviews a member country's Basel III regulations across all its components and sub-elements.

The purpose is to find any divergences from the agreed standards and to weigh the current and potential materiality of any weaknesses.

To foster transparency, the resulting assessments are made public, together with an overall review of compliance with the Basel standards.

It works!
In all cases the assessment process generated a number of changes to the domestic regulatory framework to fill gaps and improve the alignment with the international standards.

Why I find this public assessment so clever?

Many experts believed that the Regulatory Consistency Assessment Programme (RCAP) will ultimately be fairly limited in its impact because the Committee has no enforcement power and cannot override the sovereign regulatory power of national authorities.

We have thus far five monitoring reports, and completed assessments on the final Basel III rules in Japan, Singapore, Switzerland and China.

In all cases, the implementation of Basel III was deemed compliant with the international standards.

Read more at Number 1 below. Mr Stefan Ingves, Chairman of the Basel Committee on Banking Supervision and Governor of Sveriges Riksbank explains it very well.

Another development - In Number 5 below we have a very interesting speech.

When Mr. Erkki Liikanen (Governor of the Bank of Finland and the chair of the High-level Expert Group on reforming the structure of the EU banking sector) speaks, we all listen.

Mr. Erkki Liikanen politely explains to the European Commission that he does not like what they have done. I love this diplomatic language :) (proposal of 29 January 2014 for a regulation on the separation of certain trading activities from credit institutions).

Enjoy!

"The European Commission has today presented a regulatory proposal based on the report of the High-level Expert Group on reforming the structure of the EU banking sector.

In October 2012 our Group proposed that proprietary trading and certain risky trading activities including market-making as well as exposures to shadow banking entities such as hedge funds ought to be separated from deposit-taking and lending activities.

The Commission proposal has the same objectives as the recommendations in our final report.

The set of activities which the proposal would affect are also similar.

In some respects, the proposed Regulation does, however, differ from our recommendations.

The Commission's proposal includes an outright ban on organised proprietary trading instead of requiring it to be assigned to a separate and separately capitalised legal entity."

Read more at Number 5 below.

Welcome to the Top 10 list.

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Product Details

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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