News, Events and Interesting Reading


 Nigeria sues JP Morgan for $875m over Malabu oilfield deal

The Federal Government has filed a claim against a United States lender, JP Morgan Chase, for more than $875m, accusing the bank of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by a former Nigerian minister of petroleum resources.

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 SC reprimands ABL president for callous dealing of pensioners

A three-member bench of the Supreme Court, headed by Chief Justice Mian Saqib Nisar, while hearing a case of the Allied Bank Limited (ABL) pensioners, imposed a fined on ABL President Tahir Hassan Qureshi for evading the court hearing the previous day.

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 NSE fines 31 listed firms N425m for failure to file financial statements

The Nigerian Stock Exchange (NSE) has fined 31 quoted companies the sum of N424.9 million for failure to file their financial statements after the regulatory due date in 2017.

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RiskBusiness News


 Third Annual New Generation Operational Risk 2017

 14-15 March 2017
 Etc Venues, London, EC3M 1AE
 Center for Financial Professionals
Media partners

3rd Annual New Generation Operational Risk 2017 will bring together industry professionals to provide a platform for discussion, insights and reviewing of the top priorities across the industry.

Operational risk is an area that is expanding in focus with many institutions deploying large resources and focusing attention on better management, understanding and most importantly adding value to the enterprise to overcome the direct and indirect risks associated.

The Center for Financial Professionals looks to provide high-level insight on critical operational risk areas through interactive panel discussions, thought provoking presentations, interactive Q&A’s, luncheon roundtables and extensive networking opportunities to further progress the discussions.

 International Fund Management 2017 | Asset and Fund Management Conference

 8-9 March, 2017
 8 Fenchurch Place, London, EC3M 4PB
 Center for Financial Professionals
Media partners

The International Fund Management 2017 Summit brings together 300 asset and fund management professionals over two days to discuss and debate the latest in regulatory change, liquidity risk measurement and management, product innovation and much more, across multiple streams.

 New Generation Operational Risk 2016 | Conference addressing Conduct, KRIs, Cyber Fraud, Risk Appetite and more

 15-16 March 2016
 Grange City Hotel | London | EC3N 2BQ
 Center for Financial Professionals (CFP Events)

New Generation Operational Risk sets to provide insight from industry professionals implementing forward looking operational strategies to ensure compliance and safeguard against increasing technology threats.

 Reputational Risk Management in Financial Institutions

 3rd March 2016
 Frankfurt, Germany
 Center for Financial Studies
Mike Finlay, CEO of RiskBusiness, participating in a panel discussion on the future of reputational consequence management.

 Digital Disruption in Risk Management

 3rd February 2016
 71 Queen Victoria Street. London
 Funding Circle and Broadgate Search
Mike Finlay, CEO of RiskBusiness, chairing this industry expert panel.

A Q&A panel discussion on digital disruption, with panellists Jerome Le Luel - Chief Risk Officer - Funding Circle (Previously Head of Risk Analytics at Barclays); Raghu Menon - Chief Risk Officer, Regions - Standard Chartered; Paul Rippon – Chief Risk Officer/ Deputy CEO – Mondo Bank (Digital bank) and Paul Harrald – Visiting Professor in Computing Science – UCL Engineering School.

Interesting Reading


 The Risk Universe
 Alfredo B. Roisenzvit
 article Big data TRU ABR c.pdf
What does the future look like for operational risk measurement and management as big data becomes an increasingly important industry tool?

 RiskBusiness Client Newsletter Issue 44 February 2015
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 RiskBusiness Client Newsletter Issue 43 January 2015
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 RiskBusiness publishes guidance on three lines of defence

 21 September 2014
 RiskBusiness Position Paper
 RiskBusiness International
While there has been a lot of discussion as to what constitutes a three lines of defence model, there remains across all industries and especially within financial services, little understanding of the ramifications of actually implementing a risk agnostic, organisation-wide three lines of defence model.

Drawing upon its experiences in working with a wide range of firms across the globe, of different size, complexity and management structure, RiskBusiness has established a step-by-step guide to help firms establish a robust, proactive three lines of defence model which can stand the test of time. The resultant approach allows for custom models – there is no one size fits all – which have been tried and tested in corporate entities, banks, insurers, asset managers and other firms.

“Three lines of defence is not about risk management,” states Mike Finlay, chief executive of RiskBusiness International. “You cannot try and apply a model that affects corporate structure, individual accountability and, as a consequence, corporate culture by thinking it is a risk management initiative – even worse if you think it only applies to operational risk and perhaps to the compliance function. Three lines of defence is integral to the DNA of the firm, it starts with the vision, mission and values, flows through corporate governance, corporate strategy and overall business objectives into the everyday functioning and decision making of the entire enterprise. It is all about the core principles we base our business on – and how we measure ourselves against the achievement of those principles and our business objectives.”

Global regulation, particularly in the financial services industry, is increasingly focussing on good governance and how the Board and executive management behave and run the enterprise. To comply with the ever increasing volume of regulation and to achieve the firm’s potential, every enterprise should implement a robust governance structure which embraces the three lines of defence concept, making this guidance an invaluable resource for every firm, irrespective of geography, size or nature.