Risk Control Self Assessment [RCSA] – Sound Practice Guidance – March 2010 – The aim of an operational risk framework is to identify, assess, control and mitigate operational risk and to champion effective reporting of risk and emerging risk issues. RCSA forms an integral element of the overall operational risk framework, as it provides an excellent […]

Developing Key Risk Indicators to Strengthen Enterprise Risk Management – Introduction – Boards of directors have become increasingly aware of their responsibilities related to effective oversight of management’s execution of enterprise-wide risk management processes. This is due, in part, to significant external pressures that have developed recently that are thrusting risk management and its oversight […]

On 15 December 2010, the FSA published the final notice it has issued to Vijay Kumar Sharma, a former director at Exetra (UK) Ltd.  Mr Sharma has been prohibited from performing any function in relation to any regulated activity because he is not a fit and proper person. Mr Sharma was convicted in September 2009 […]

The Guernsey Financial Services Commission (the “GFSC”) recently handed out fines totalling £35,000 to three directors of a Guernsey based licensed fiduciary services company and issued a public statement under section 11C of The Financial Services Commission (Bailiwick of Guernsey) Law 1987 (as amended) (the “Financial Services Commission Law”). This was the first such regulatory […]