This week's risk management news includes IMF's new risk management panel, FSA's revised pay guidelines, Korea's new stability levy, and Nomura's new vice chairman for risk
December 22, 2010 | Aditya PuriIMF revises risk management framework
The International Monetary Fund (IMF) is currently revising its risk management framework to help manage its strategic, financial and operational risks. The organization has set up an external panel, chaired by the former governor of the Bank of Mexico, to carry out the review.
FSA publishes revised pay guidelines
UK’s Financial Services Authority (FSA), the country’s financial regulator, has published revised pay guidelines to ensure effective risk management. The new guidelines, which will be applicable to an additional 2700 banks, building societies and broker dealers compared to the previous guidelines, are in compliance with the Committee of European Banking Supervisors’ remuneration guidelines in terms of share allocation, retention period for share remuneration and guaranteed bonuses.
Korea’s FSS to introduce stability levy
The Financial Supervisory Service, Korea’s financial regulator, is planning to introduce a levy on non-deposit foreign currency liabilities. The levy is aimed at helping the country’s financial system cope with sudden capital inflows and outflows during financial crises that may contribute to inflation and asset prices bubbles. It is also meant to provide liquidity to the Korean economy to cope with external shocks.
Nomura appoints new vice chairman and CRO
Nomura Holdings has appointed David Benson as vice chairman of risk and regulatory affairs. Benson previously held the position of Chief Risk Officer (CRO), which has now been assumed by Lewis O’Donald. Both Benson and O’Donald will be responsible for the company’s risk strategy.
Re-disseminated by The Asian Banker
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Risk And Regulation Working Group
