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6 Key Areas of RM for the Banking Industry

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If you haven’t heard enough about risk management within the banking industry, well, that’s a good thing. The more ideas about the discipline and how it can be implemented within the sometimes-risk-loving financial institutions, the better.

On that note, Ernst & Young recently released “CFO Report: Bank Capital Management in Uncertain Times.” The report covers, as stated, capital management strategies, but it also delves into the areas of risk management getting the most attention at global banks. Since the financial crisis, banks recognize that the quantitative risk models many had relied upon are no longer adequate. The survey found that CFOs, chief risk officers and the organizations that they are a part of are coming together to focus on six key areas of risk management:

Reassessment of business strategy
Analysis and implementation of capital optimization opportunities
Monitoring and revision of capital adequacy goals
Reduction of the complexity of business operations and rationalization of legal entity structure
Improvements in reporting
Improvements in data quality and systems
  1. Reassessment of business strategy
  2. Analysis and implementation of capital optimization opportunities
  3. Monitoring and revision of capital adequacy goals
  4. Reduction of the complexity of business operations and rationalization of legal entity structure
  5. Improvements in reporting
  6. Improvements in data quality and systems

Peter Davis, E&Y’s director of credit risk services, talks about capital management and understanding the risks associated with a new regulatory environment (read: Basel III) in this brief but informative video.

At Citi, Risk Management Is Still Lacking

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At least so says a new report from Crédit Agricole Securities financial analyst Mike Mayo, a vocal critic of Citigroup who met with company execs on Friday (after having “lobbied for nearly two years for an audience with” Citi chief exec Vikram Pandit) in preparation for the release of his long-term outlook on the company.

we are not convinced that there has been enough improvement in risk management, a huge consideration for this reason: for each $3 that Citi made last decade, it gave back $1 due to poor risk management. Citi still seems to have aggressiveness with financial targets (well above historical), accounting (tax credits), and corporate governance.

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Also, the strategy does not always seem in sync with execution and/or financial reporting.

A history of mishaps and poor judgment

Citi mentioned that it has a new team. Yet, we’ve heard this before. Since 1998, Citi has had 30 major reorganizations or senior management changes, a disruptive lack of continuity that increases the chance for mishaps.

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Not surprisingly, over this same time Citi has had about 20 significant events that reflect breakdowns in risk management, ranging from fines and settlements for dealings with Enron and WorldCom to exceptional reserve builds and writedowns.

All told, these events have added to over $100bn in pretax losses. Thus, the issue for Citi is less about squeezing out extra growth versus not messing up.

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Ouch.

That last sentence doesn’t sound good at all.

UPDATE: Fox Business reporter Charlie Gasparino gives a thorough breakdown of Mayo’s report in this video.

The Risks of Social Media — Now Available in Risk Management Magazine

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Our campaign to provide in-depth coverage of the risks of social media started almost exactly one year ago.

I wrote a long, sweeping cover story on the issue, trying to highlight as many of the perils as possible. And while that provided a pretty good introduction to the topic for an audience that is, let’s just be nice and say, a little less familiar with social media than your average teenager, it was somewhat of a shallow exploration of a very serious threat.

Thus, we have used this here blog to continue the coverage ever since with our Risks of Social Media post series. This has allowed us to take different aspects of social media and break it down clearly with some real-world examples from the news.

Those more devoted readers among you, however, may have noticed that there has not been a lot of new posts in the series of late. Our apologies. But the good news is that this slow down has run parallel with an effort to cover the topic again, in a much more in-depth way, in our magazine, Risk Management.

So here, I present to you, our October cover story, “More Media, More Opportunity, More Risk”

It is a six-part examination of the legal liability, reputation damage, employee monitoring/pre-employment screening fallout and other risks associated with social media. You can also read about how IBM excels at handling social media, the top 5 ways that insurance companies can use social media and 15 tips to help anyone manage social media risks.

I’m clearly biased, but I thought the whole thing turned out rather good — almost as good as the issue cover below that our designer Karen Arbasetti crafted. (If you liked this, feel free to subscribe to the print edition.)

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future.

Lastly, in other social media news, you can follow me on Twitter, “like” us on Facebook and join our LinkedIn group.

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New Group of Risk Regulators Meets Today

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In light of the financial crisis, the Obama administration found it necessary to form a group of individuals to identify risks to the financial system. In July, the Financial Stability Oversight Council was formed, but has not received much press until today — the day of its first ever meeting.

Headed by Treasury Secretary Tim Geithner, the council is charged with not only identifying financial risks, but also identifying which non-bank financial institutions need special scrutiny. In their meeting today, the council will, among other things, vote to seek public comment on the Volcker rule.

The council has about four months left to study the Volcker rule and make recommendations on how it should be implemented. Regulations are due nine months after the study is completed and they will go into effect about a year later.

Though the purpose of this new group seems to be in the best interest of American businesses and taxpayers, but, of course, not everyone agrees with their agenda. The clip below features the always-dramatic Glenn Beck giving his take on the situation.

So what do you think? Is the Financial Stability Oversight Council necessary to avoid huge risks that could bring down the economy once again, or is it just another set of eyes spying on American businesses?