Tuesday, 26 September 2017

Digital Reality Heralds Exciting Prospects

From Deloitte CIO Journal

Sunday, 24 September 2017

Filling Fraud Detection Gaps

 From Bank Director

Banks need to address fraud detection as real-time payments initiatives take root.

Tuesday, 5 September 2017

Basel Committee on Banking Supervision issues consultative document on the implications of fintech

The Basel Committee on Banking Supervision has released a consultative document on the implications of fintech for the financial sector. 
 
"Sound practices: Implications of fintech developments for banks and bank supervisors" assesses how technology-driven innovation in financial services, or "fintech", may affect the banking industry and the activities of supervisors in the near to medium term.

Various future potential scenarios are considered, with their specific risks and opportunities. 
 
In addition to the banking industry scenarios, three case studies focus on technology developments (big data, distributed ledger technology, and cloud computing) and three on fintech business models (innovative payment services, lending platforms and neo-banks).

Although fintech is only the latest wave of innovation to affect the banking industry, the rapid adoption of enabling technologies and emergence of new business models pose an increasing challenge to incumbent banks in almost all the scenarios considered.

Banking standards and supervisory expectations should be adaptive to new innovations, while maintaining appropriate prudential standards. Against this background, the Committee has identified 10 key observations and related recommendations on the following 
supervisory issues for consideration by banks and bank supervisors: 

  1. The overarching need to ensure safety and soundness and high compliance standards without inhibiting beneficial innovation in the banking sector;
  2. The key risks for banks related to fintech developments, including strategic/profitability risks, operational, cyber and compliance risks;
  3. The implications for banks of the use of innovative enabling technologies;
  4. The implications for banks of the growing use of third parties, via outsourcing and/or partnerships;
  5. Cross-sectoral cooperation between supervisors and other relevant authorities;
  6. International cooperation between banking supervisors;
  7. Adaptation of the supervisory skillset;
  8. Potential opportunities for supervisors to use innovative technologies ("suptech");
  9. Relevance of existing regulatory frameworks for new innovative business models; and
  10. Key features of regulatory initiatives set up to facilitate fintech innovation.

The Committee says that it welcomes comments on all aspects of the consultative document. 
 
Comments should be uploaded by Tuesday 31 October 2017 via the following BCBS link.

Thursday, 13 July 2017

On Demand Course – Understanding Operational Risk in Financial Institutions


Join Citadel Advantage’s Stanley Epstein in this ILLUMEO on-demand training course.

This course examines each of the seven operational risks categories, and provides a detailed explanation on each risk explaining what it is, what type of events are involved, why these activities pose a risk, and provides participants with clear practical examples.

For Details & Registrations CLICK HERE

Saturday, 8 July 2017

Bold Leadership Required: Innovating From the Outside In

From Bank Director
Thomas Jankovich, a principal at Deloitte Consulting LLP, outlines four aspects of a successful approach to innovation.

Friday, 7 July 2017

On Demand Course - Principles for the Management of Operational Risk in the Financial Industry


Join Citadel Advantage’s Stanley Epstein in this ILLUMEO on-demand training course.

A detailed presentation on best industry practice in the management of operational risk in banks and other financial institutions.

For Details & Registrations CLICK HERE
 
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