Forex probes set to dwarf libor

Forex Probes Sent To Dwarf Libor Cases

 

forex probes set to dwarf libor

Mar 11,  · “Forex probes set to dwarf LIBOR cases” read one headline in yesterday’s FT. Conduct risk continues to make headlines, at least here in the UK. In my new article for Credit Control Journal, I explore the possibility of turning conduct risk into a competitive opportunity. Forex probes set to dwarf Libor cases By Daniel Schäfer and Sam Fleming March 9, pm Big banks face up to €10bn in legal costs By Daniel Schäfer and Sam Fleming in London Mar 5, UK BoE involvement mirrors the affair it was drawn into over Libor By Daniel Schäfer . forex probes sent to dwarf libor cases Forex probes set to dwarf Libor cases Big banks face up to €10bn in legal costs Thomson Reuters data arm gets green lightForex probes set to dwarf Libor cases By Daniel Schäfer and Sam Fleming March 9, pm Big banks face up to €10bn in legal costs By Daniel Schäfer and Sam Fleming in.


Can Conduct Risk Be a Competitive Opportunity? | FICO®


Conduct risk continues to make headlines, at least here in the UK. In my new article for Credit Control JournalI explore the possibility of turning conduct risk into a competitive opportunity. One thing is for certain: Conduct risk is a moving target. From PPI to LIBOR to robo-signing of mortgage foreclosures to foreign exchange fixing, forex probes set to dwarf libor, there will always be a new example bothering regulators and consumers.

So the competitive opportunity has to involve flexibility and speed. It has to involve a systematic approach that closes the biggest loophole of all, human behavior. Here are some other factors needed in a systematic approach to conduct risk: Analytics.

A scalable end-to-end conduct risk framework that uses analytics to predict and identify unusual behavior can form the basis for effective standardized processes, consistent customer messaging and clear audit capabilities. In forex probes set to dwarf libor article, I cite the example of a large UK bank that wanted a robust set of tools to systemically manage its conduct risk policy around product sales.

By automating its processes and implementing analytics and predictive models, it is now able to measure which sales activities carry the highest risks, both initially and over time.

Analytics can also prove very useful when trying to curb SIIB manipulation. These analytics can flag outlier submissions, thus allowing control teams to focus their investigations on submissions deemed the highest risk.

Standardized and automated processes. Automation and standardization are key for two reasons. Firstly, maintaining a clear and manageable audit trail for every customer interaction using manual methods like spreadsheets quickly becomes untenable, as well as being open to human error. Secondly, adopting a standardized approach ensures that every customer interaction or decision is managed in precisely the same way, leaving no room for unfair preferential or discriminatory treatment to sneak in.

Comprehensive application. Conduct risk can emerge any time you communicate with a customer. Sales is a particular hotbed for conduct risk, has forex probes set to dwarf libor some of the largest problems to date, and will need particular vigilance moving forward.

Have all the appropriate checks been carried out to ensure the customer can afford the product they are buying? Do they genuinely need it? Are they being offered the same price as other customers with a similar profile? Are you sure that the salesperson the customer spoke to was not using overly aggressive techniques to convince them to buy?

Operationalizing the way sales interactions are recorded can bring useful insights from an internal perspective as well as giving peace of mind that conduct risk is minimized. As with sales at the beginning of a customer journey, forex probes set to dwarf libor, the collections process at the end can generate significant conduct risk. Today, automated speech analytics technology can be used to monitor all phone conversations, using analytical models to determine what has or has not been said, and automatically flagging any areas of concern.

Similar forex probes set to dwarf libor can be applied to managing any other communications channels such as text messages, emails, and even social media feeds to ensure a consistent, compliant standard across all collections communications. With so many potential implications for customer satisfaction, organizational reputation and regulatory compliance, conduct risk needs to be on the radar of every employee — not only the risk and compliance teams.

A fully operationalized, forex probes set to dwarf libor, analytics-driven framework will help harness and manage your conduct risk exposure and turn it into one of your greatest competitive advantages.

 

 

forex probes set to dwarf libor

 

Mar 11,  · “Forex probes set to dwarf LIBOR cases” read one headline in yesterday’s FT. Conduct risk continues to make headlines, at least here in the UK. In my new article for Credit Control Journal, I explore the possibility of turning conduct risk into a competitive opportunity. Mar 09,  · Forex probes set to dwarf Libor cases. On the industry side, the top 10 banks in forex, including Deutsche Bank, UBS and Royal Bank of Scotland, have assigned far more than people combined to work on the case in their internal probes, according Author: Daniel Schaefer. Forex probes set to dwarf Libor cases By Daniel Schäfer and Sam Fleming March 9, pm Big banks face up to €10bn in legal costs By Daniel Schäfer and Sam Fleming in London Mar 5, UK BoE involvement mirrors the affair it was drawn into over Libor By Daniel Schäfer .