Discover and read the best of Twitter Threads about #COSO
Most recents (10)
Two striking resemblances btw #SVB & former @CreditSuisse.
Both banks did not pay attention to the top 8–20 risks, which every board must.
Either these banks kept their risk desks understaffed or didn't hire key managerial position holders at all.
Why?
Need introspection now.
Both banks did not pay attention to the top 8–20 risks, which every board must.
Either these banks kept their risk desks understaffed or didn't hire key managerial position holders at all.
Why?
Need introspection now.
@CreditSuisse It was reported on this forum that #SVB did not have a CRO for some 8 months during the VC Market spiralling.
Also, I read just now that former @CreditSuisse was sacking key MDs in their across their risk desks.
This trend continued since the #Archegos fiasco surfaced after 2019
Also, I read just now that former @CreditSuisse was sacking key MDs in their across their risk desks.
This trend continued since the #Archegos fiasco surfaced after 2019
CRO Chief Risk Officer or Head of Risk Management is a key managerial decision-making position and C Suite Level role which every financial institution can afford to keep empty these days.
The Front, Middle, and Back Office roles form key lines of defence against top risks.
The Front, Middle, and Back Office roles form key lines of defence against top risks.
#Incident reporting should follow & precede #riskmanagement?
The two are slightly different areas of specialization
in the office environment.
It is akin to the debate between #reliability and #safety.
Both are contrasting concepts in organizational #resilience studies.
The two are slightly different areas of specialization
in the office environment.
It is akin to the debate between #reliability and #safety.
Both are contrasting concepts in organizational #resilience studies.
They are certain leading businesses including big banks that have separated incident reporting desks from risk management co-ordination cells.
Actually, incidents are events which require an eye and a taxonomy for recognition.
Coding outcome events into loss database is essential
Actually, incidents are events which require an eye and a taxonomy for recognition.
Coding outcome events into loss database is essential
The most difficult area in financial risk management was the coding of operational risk incidents or potential events having adverse negative probabilistic outcomes, which can yield material quantifiable losses in the financial statements.
@BIS_org changed the AMA RiskMetrics
@BIS_org changed the AMA RiskMetrics
What is driving the FS Industry to invest more in #GRC &/or ERM Technology?
@irmglobal @IRMIowl @ERMAcademy
@irmglobal @IRMIowl @ERMAcademy
Let me try to answer this question in a generalized manner. So, its applicability extends beyond banks, risk insurance and asset management firms.
I think ERM Systems and/or the GRC Systems have now become more regulation oriented across different legal compliance jurisdictions.
I think ERM Systems and/or the GRC Systems have now become more regulation oriented across different legal compliance jurisdictions.
Kindly, do note that the ERM/ GRC Models being used are not always the same. Different Industries identify, measure and apply risk controls in an entirely different manner from one another.
Most of the #ERM Units / Desks at banks hire Actuaries as Quantitative Risk Experts in either the front or the middle offices.
However, to be a CRO, you ideally ought to know the business model risks, credit underwriting risks (if you are working at a Commercial Bank),
However, to be a CRO, you ideally ought to know the business model risks, credit underwriting risks (if you are working at a Commercial Bank),
the governance, risk and compliance issues, IT/Data and Cybersecurity related Risk Issues, risk culture, risk attitudes, risk conduct and risk change management processes, DRP and BCP, and the Non -Financial Operational Risks in addition to quantifiable risks such as Credit,
Market and Liquidity Risks that exists across financial markets and asset class/es.
What should I know about risk management for a job interview with an asset management and securities brokerage firm?
@IOSCOWIW @efc_global @MarketIntegrity @GARP_Risk
@IOSCOWIW @efc_global @MarketIntegrity @GARP_Risk
You need to know everything about Capital Markets at least.
Investment Banking and Asset Management Sector /brokerage require an exceptional understanding of debt and equity market instruments and asset classes.
Investment Banking and Asset Management Sector /brokerage require an exceptional understanding of debt and equity market instruments and asset classes.
Sound knowledge of derivative markets will add to your CV.
What are recent topics for PhD in management or other affiliated subjects?
@LSEPhD
Many!
The latest topics of interest are =>
@LSEPhD
Many!
The latest topics of interest are =>
1.#Behavioural models of #Marketing using experimental economics
2.Role of #Data #Sciences in modelling time-motion studies to measure human efficiency and output on the shop floor.
2.Role of #Data #Sciences in modelling time-motion studies to measure human efficiency and output on the shop floor.
3.#Reliability Management Process Improvement Controls used in the Value-Added Industries
(Industrial/#engineering management).
(Industrial/#engineering management).
Which are some stylized failures of Risk Management?
It is the only subject when turned into a profession, which fails to deliver in SVA terms in most of the cases, as witnessed now outside the Insurance Sector
Insurance is a different game because the profession is led by well-trained quantitative professionals such as Actuaries
Insurance is a different game because the profession is led by well-trained quantitative professionals such as Actuaries
Why it has not worked well outside the Insurance Sector/s?
The multiple reasons for the failure of Risk Management and Auditing Departments at firms could be the following =>
The multiple reasons for the failure of Risk Management and Auditing Departments at firms could be the following =>
Does #risk management involve a lot of maths?
Yes and No!
It's a well-rounded discipline.
It's a well-rounded discipline.
For #Actuarial, Insurance, Financial Engineering, Quantitative Finance and Investment Management, Mathematical Trading, and Financial Risk Assignments, you might require a lot of Maths and Statistics.
Is like asking whether we need milk and sugar for making ice cream ;)
Is like asking whether we need milk and sugar for making ice cream ;)
Is doing a graduate degree in risk management and insurance worth the money? Why?
@GARP_Risk @actuarynews
@GARP_Risk @actuarynews
Depends!
#riskmanagement is a broad area which can offer various lucrative roles, especially in the financial sector.
They are a lot of risk management degrees available in the market.
Which one would you like to study?
And where it is being offered?
#riskmanagement is a broad area which can offer various lucrative roles, especially in the financial sector.
They are a lot of risk management degrees available in the market.
Which one would you like to study?
And where it is being offered?
If the degree will focus more on Insurance Underwriting Management and related Risk Financing Courses, I won't advise you to do such a qualification.
The scope of such a degree won't go beyond Life and P&C Insurance Firms.
The scope of such a degree won't go beyond Life and P&C Insurance Firms.
THREAD: Regarding the #RidgeCrestearthquake and #Coso #volcano there has been a lot of concern, mostly from misinformation broadcast by non-geologists, that the #earthquake sequence near #Ridgecrest, CA means an imminent eruption from the Coso Volcanic Field or was caused by it.
Coso is directly tied to the subject I was working on for my Ph.D. (geo.arizona.edu/Antevs/Theses/…), so I spent a lot of time getting to know it and its neighboring volcanoes and faults.
The following is a summary of what geoscientists know about Coso, how it is monitored, and what we can realistically expect from it. If this is at all useful to you, please feel free to share it.
