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Top 10 operational risks for 2017

In a series of interviews that took place in November and December 2016, Risk.net spoke to chief risk officers, heads of operational risk and other op risk practitioners at financial services firms, including banks, insurers and asset managers. Based on the op risk concerns most frequently selected by those practitioners, …

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Top 5 ERISA Settlements in 2016

This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the “Reprints” link at the top of any article. Church plans’ pensions dominate, but a 401(k) excessive fee case also makes the list. In 2016, the top 10 …

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Data Breaches Hit Record in 2016

U.S. companies and government agencies suffered a record 1,093 data breaches last year, a 40 percent increase from 2015, according to the Identity Theft Resource Center. Headline-grabbing hacks, with victims ranging from Wendy’s Co. to the Democratic National Committee, are increasing despite regulatory scrutiny and more aggressive cybersecurity spending. Worldwide …

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Trump's China Trash Talk Risks Damaging Global Economy

China may be growing at its slowest annual pace since 1990, but it’s still the powerhouse of global growth. That’s something Donald Trump’s trade hawks will need to consider if they’re truly serious about risking a conflict with China to win economic concessions. Not only would a clash derail bilateral …

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Cyber is top op risk for 2017, say CROs

Cyber risk is the number one operational risk for 2017, according to Risk.net’s annual survey of op risk practitioners – the second straight year it has received the top ranking. Risk.net’s 2017 Top 10 Operational Risks list is based on interviews with chief risk officers, heads of operational risk and …

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ECB Leaves Bond-Buying Program Unchanged

The European Central Bank left its quantitative-easing program unchanged as policy makers wait to see if a pickup in inflation will be sustained. The Governing Council reaffirmed its December decision that asset purchases will be reduced to 60 billion euros ($64 billion) a month from April, from 80 billion euros currently. …

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Dimon Says Eurozone May Not Survive

The euro region could break up if political leaders don’t get to grips with the discontent that’s spurring support for populist leaders across the continent, JPMorgan Chase & Co. CEO Jamie Dimon said.  Dimon said he had hoped European Union leaders would examine what caused the U.K. to vote to …

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15 Costliest Winter Events in the U.S. Since 1980

Blizzards, cold temperatures, icy roads and major winter storms often result in heavy property damage. Businesses, homeowners and vehicle owners can suffer expensive losses when snow and cold weather hit. According to data from Munich Re, winter storms caused an estimated $3.5 billion in insured losses in 2015, up from $2.6 billion …

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Hidden benefits of the Fed’s model validation push

Lourenco Miranda is head of model risk management, Americas, and risk unit lead for capital and resolution management at Societe Generale Corporate & Investment Banking in New York Model risk management has long been seen by bank higher-ups as an irksome, bureaucratic cost centre, draining profits from trading desks, tolerated …

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Heightened Risks Seen After Tumultuous 2016

Last year’s headlines are fueling this year’s business risks, as events ranging from Brexit and the election of Donald Trump to high-profile cyber breaches and unrest in the Middle East contribute to heightened uncertainty among corporate executives. A survey of 735 board members and executives, including CEOs, CFOs, and chief …

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