Understanding Risk Management and Compliance, What is Different After Monday, February 17, 2014

Understanding Risk Management and Compliance, What is Different After Monday, February 17, 2014

by George Lekatis
     
 

How would you call an exercise that tests the wholesale banking sector's response to a sustained and intensive cyber-attack?

The Bank of England has published the findings of an exercise like that, and its name was ...
... Waking Shark II.

Insane? Of course. Insane to say the least.

First of all, we don't want to see in the same sentence

See more details below

Overview

How would you call an exercise that tests the wholesale banking sector's response to a sustained and intensive cyber-attack?

The Bank of England has published the findings of an exercise like that, and its name was ...
... Waking Shark II.

Insane? Of course. Insane to say the least.

First of all, we don't want to see in the same sentence the words bank and shark, especially after the crisis.

Ok, message received. Our financial stress tests must have equally creative names.

What about ... Underlying Combat (for derivatives) ... Walking Dead (for the resolution mechanism), Broke Eagle (for credit risk), Kill'em and Bill'em (for operational risk)?

Read more about Walking Sharks in wholesale banking at Number 2 below. If your significant other asks "what are you reading?" (expecting to hear something very interesting and exciting like "Treatment of investees inside the scope of regulatory consolidation"), answer "about Walking Sharks"!

Another story at Number 5:

"Insolvencies are a fact of life in a dynamic, modern economy."

What? Imagine what happens in a less dynamic economy...

It is about the European Parliament, that backs the European Commission's proposal to give viable businesses a 'second chance'.

They continue:

"Around half of enterprises survive less than five years, around 200 000 firms go bankrupt in the EU each year.

This means that some 600 companies in Europe go bust every day.

A quarter of these bankruptcies have a cross-border element.

But evidence suggests that failed entrepreneurs learn from their mistakes and are generally more successful the second time around.

Up to 18% of all entrepreneurs who go on to be successful have failed in their first venture."

Wait:

1. Failed entrepreneurs learn from their mistakes and are ***generally more successful*** the second time

2. ***Up to 18%*** of all entrepreneurs who go on to be successful have failed in their first venture

From 1 and 2, I understand that "generally more" means "up to 18%".
Thank you European Parliament for driving me crazy.

They continue:

"It is therefore essential to have modern laws and efficient procedures in place to help businesses, which have sufficient economic substance, overcome financial difficulties and to get a "second chance".

It looks like an Entrepreneurs Anonymous approach. It makes sense to try, as more than 82% will fail again, so the program will be useful for years.
Read more at Number 5 below.

Welcome to the Top 10 list.

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Product Details

ISBN-13:
2940045697989
Publisher:
George Lekatis
Publication date:
02/14/2014
Series:
Understanding Risk Management and Compliance , #41
Sold by:
Smashwords
Format:
NOOK Book
File size:
1 MB

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