THE 8 SHARED BUSINES RISK The Jersey Financial Services Commission (JFSC) and Industry agree that the following pose the most severe of the different risks facing companies in Jersey with financial crime risks being the most severe risks. Terrorist funding and Secondarily financial crime more generally Other risks cited included Financial failure, loss of confidential […]

HSBC sets aside $800m to cover money laundering penalties – HSBC says investigations by US regulators will likely involve criminal charges. In its interim management statement for the third quarter of 2012, HSBC has revealed it has set aside an $800m (£500m) provision in relation to US anti-money laundering, Bank Secrecy Act and Office of […]

RISK MANAGEMENT POLICY 12 Sep 2012 A risk management policy serves two main purposes: to identify, reduce and prevent undesirable incidents or outcomes and to review past incidents and implement changes to prevent or reduce future incidents. For example, a doctor’s office may utilize their risk management policy in order to continuously analyze and improve […]

RISK STRATEGY GUIDE 12 Sep 2012 Risk is one of the most overlooked areas for new business. It is clear to most entrepreneurs that starting any new business involves risk, and risk is one of the reasons many of us are entrepreneurs. There is a certain thrill in taking the gamble and making a business […]

Banks behave badly redux: Is it killing confidence? It wasn’t supposed to be like this. After the worst financial crisis since the Great Depression almost took the global economy over a cliff, tough new regulations and stronger internal controls at the world’s major banks were meant to help restore confidence in the financial system. But […]

FSA fines firm and its director/compliance officer over risk management failings – The FSA has fined Accendo Markets Ltd (Accendo) £56,000 (including a 20 per cent discount) for failing to have adequate risk management systems in place when providing advice to customers on contracts for difference (CFDs) contrary to Principles 3 and 9 of the […]

Senior management responsibility – The Upper Tribunal reviews the standard – The Upper Tribunal (the tribunal) has recently overturned the Financial Services Authority’s (FSA) decision to hold John Pottage, former CEO at a large financial institution, responsible for an alleged failure to take reasonable steps to implement prompt measures to review and overhaul his firm’s […]

Risk profiling: what are the options? In the past few years there has been a trend among financial advisers away from in-house investment selection towards using outsourced risk-targeted funds in model portfolios to satisfy clients’ asset allocation and investment needs. A recent survey by NMG Consulting showed that advisers are using a range of methods […]