Op Risk Management

Software vendor platform of the year — Calypso Technology’s CATT

The San Francisco-based trading and risk systems became the first capital markets software vendor to offer an automated testing platform for its product. Standard Bank of South Africa was the first major customer. Testing software and apps has become progressively more difficult and time-consuming for banks. Aside from the growing number of legacy systems that »

DevOps advisory provider of the year — Tata Consultancy Services

ING is recognised as a leader in Agile and DevOps delivery among European banks. The partnership of ING’s Belgian subsidiary with Tata Consultancy Services (TCS) has been an important part of its success in its move toward continuous app delivery. Netherlands-based ING started its transition to full automation of software development two years ago, driven »

IBM moves into regtech with acquisition of Promontory Financial Group

IBM is planning to acquire Promontory Financial Group, a regulatory compliance consulting firm headquartered in Washington DC. The technology supplier will combine Promontory’s regulatory expertise with the power of Watson, its data analytics and machine learning platform. No financial details of the deal, which is set to close in late 2016, were revealed. The compliance »

BofA fined by SEC for mini-flash crash lapses

Bank of America Corp.’s Merrill Lynch unit was fined $12.5 million to settle allegations that the broker’s weak controls led to multiple orders being sent to markets, resulting in mini-flash crashes. The bank set its internal trading limits too high, so they were ineffective and caused market disruptions on at least 15 occasions from late »

New York Fed to set new expectations for IT risk management by banks

New York Fed to set new expectations for IT risk management by banks

The Federal Reserve Bank of New York is understood to be working on revised and more detailed guidelines for financial firms in their management of outsourced IT risk, for release later this year. It is understood that that the New York Fed believes that banks need to do additional work to ensure they have the right risk »

OCC warns of heightened operational risk threats

The US Office of the Comptroller of Currency (OCC) warns of continuing elevated operational risk in its Semiannual Risk Perspective. The US regulator put special emphasis on business e-mail compromise (BEC), a type of cyber attack which has resulted in: “More than $2.3 billion in losses across all businesses, from October 2013 through February 2016, »

Singapore regulator to form cloud computing guidelines

The MAS will provide guidance for cloud services

Lim Hng Kiang, deputy chairman of the Monetary Authority of Singapore (MAS), has said the regulator will revise its 2004 outsourcing guidelines to recognise the arrival since then of cloud services for financial firms. Speaking on June 28th at a dinner hosted by the Association of Banks in Singapore, Kiang also said that the new »

SWIFT announces plan to bolster banks’ cyber-security

SWIFT announces plan to bolster banks’ cyber-security

Gottfried Leibbrandt, CEO of SWIFT, the interbank software and messaging service for bank payments, has announced plans to reinforce its members cyber-security in the wake of February’s $81m theft from the Bangladesh central bank. Thieves used SWIFT instructions to steal the money, and attempted to divert a total of $951m. “I think it will prove »

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