This week’s risk management news include Sun National Bank’s CRO appointment, China’s new regulatory committee for WMPs and US Fed’s enhanced supervision of foreign banks’ operations.
January 02, 2013 | The Asian Banker EditorAlbert Celini named Sun National Bank CRO
Sun National Bank appointed Albert Celini as executive vice president and chief risk officer (CRO). As CRO, Celini will oversee the bank’s credit, operational and market risk management and work with Sun National Bank’s legal and compliance teams to manage and mitigate regulatory risks.
China sets up regulatory committee for WMPs
China has established a new regulatory committee – China Banking Association Specialist Committee on Wealth Management Products – to oversee the burgeoning category of wealth management products (WMPs) and to tighten standards over the sale and risk management of said investment products.
US Fed to strengthen supervision of foreign banks’ operations
US Federal Reserve announced a string of new rules to strengthen supervision over foreign banks’ operation in the US and reduce their potential risks. The measures will require foreign banks with significant US presence to set up US subsidiary holding companies and also meet stricter liquidity risk management standards and conduct liquidity stress tests to make them more resilient to funding shocks.
Re-disseminated by The Asian Banker
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Risk And Regulation Working GroupKeywords:Sun National Bank, China Banking Association Specialist Committee On Wealth Management Products, US Fed
