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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.
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.
There is an obscure problem when you join the BIG-4 Advisory or auditing, or consulting side of the profession within the services sector.
Most of the co-workers come from an #Accounting background, which makes things awfully difficult to communicate and interpret.
Most of the co-workers come from an #Accounting background, which makes things awfully difficult to communicate and interpret.
I remember working with an #Audit Expert, having a BIG-4 background.
The chap didn't understand anything except for debit, credit, and fraud risk.
The assignment required to be sophisticated Actuarial Finance, Mathematics, and Econometric Skill Sets to understand the GAPS.
The chap didn't understand anything except for debit, credit, and fraud risk.
The assignment required to be sophisticated Actuarial Finance, Mathematics, and Econometric Skill Sets to understand the GAPS.
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 ;)
