In the News
Paradigm Risk submission in response to the Draft Report of the Walker Review
October 2009
There is much to commend in the Draft Report of the Walker Review. We believe the financial services community would be better served by less prescriptive regulation in disclosure of governance, risk and assurance activities. We suggest other refinements to the ideas in the Draft Report.
The FSA's SIF regime is ambitious but will it work?
September 2009
The Securities & Investment Institute publishes our commentary on the FSA's proposals to interview proposed directors of major financial institutions.
Paradigm Risk Comment on Risk elements in the Walker Review
17 July 2009
Sir David Walker has introduced some very interesting proposals regarding risk management in "Banks and other Financial Institutions. Paradigm Risk provides a perspective.
G20 releases communique emphasising enhanced financial regulation
5 April 2009
At its London meeting in early April, the G20 has announced a series of enhancements to global financial regulations that it expects member states to incorporate in to domesitic regulation. There is also a move to strengthen global regulatory and prudential oversight through enhancing the role of the Financial Stability Forum.
Financial Reporting Council announces review of UK Combined Code
18 March 2009
The UK FRC has announced a major review of the Combined Code for listed firms. This will coincide with the Walker Review on governance in financial institutions. The FRC review will publish its findings prior to the end of 2009, and undertakes to consult "if any changes are proposed to the Combined Code." The FRC has invited comments on a number of topics including "the board's role in relation to risk management," suggestiing the risk-related elements of the Turnbull Guidance will be under the spotlight.
Paradigm Risk will be responding to the call for evidence and will post its views in Our ideas pages shortly.
If you wish to be informed when we post our views, please register for our Newsletter.
Lord Turner's review on regulatory response to the global financial crisis
18 March 2009
The FSA has published a comprehensive and thoughtful review by its chairman, Adair Turner, into the events that led to the financial crisis, and proposed reforms to financial regulation and management of the financial system. The review is detailed, intelligent and analytical, and demonstrates a sound knowledge and respect for economic theory of management of financial cycles and for management of risk (Turner is an actuary by profession). If nothing else, his sections titled "Misplaced reliance on sophisticated maths: fixable deficiencies or inherent limitations" and "Risk management and governance: firm skills, processes and structures" are must-reads.
FSA publishes consultation paper on Reforming Remuneration Practices in Financial Services
18 March 2009
Responding to pressure from G20 leaders and numerous international reports on the financial crisis, the FSA has published a Consultation Paper for comment by 18 May 2009.
Bank of International Settlements publishes consultation paper on risk governance
16 January 2009
BIS Basel Committee has published a Consultative Document proposing enhancements to firm-wide governance and risk management and supplements to its Pillar 2 (Supervision) guidance. Responses are required by 17 April 2009.
Paradigm Risk comments on insurance guidance on systems of governance
12 January 2009
Paradigm Risk submitted a detailed comment on aspects of CEIOPS proposals for implementing measures on the system of governance under Solvency II.
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