There's been a lot of conversation recently around SAS High-Performance Analytics. And, rightly so - it's incredibly cool and applicable to every industry imaginable, including financial services. What if your risk calculations had seen the '08 credit collapse in time? CBS SmartPlanet addresses this (and highlights SAS High-Performance Analytics, with
The volatile financial markets leave no wiggle room for risk. Or second thoughts. We need the right answers to some tough questions, and we need them now. There is zero tolerance for errors. And no time for delays. Samsung Securities gets it. That's why they've boosted their SAS solution for enterprise risk management
If you are feeling out of sorts, a bit down and out, and want to take it all the way to full-blown depression, have I got a book recommendation for you: “Normal Accidents”, by Charles Perrow (1984). Perrow’s premise is that we have designed certain systems, nuclear reactors being his primary
One of the most widely attended sessions at the BAI Retail Delivery conference was a Q&A hosted by John Colas, Partner at Oliver Wyman. Colas was interviewing David Silberman, the Assistant Director, Deposit and Payment Markets Consumer Financial at the Consumer Financial Protection Bureau (CFPB). As you can imagine, there
I had the pleasure to be the host of the Risk and Finance Insight Session on the second day of The Premier Business Leadership Series, where we discussed the subject of enterprise risk management and financial stewardship. With global, political and financial upheaval becoming the norm (and during the conference
A panel of risk experts gave their reaction to the publication of the fifth global risk management survey report undertaken by SAS and the Economist Intelligence Unit. The report suggests that while lessons have been learned, some institutions may be sliding into complacency. At any rate, risk appetites are growing
I was under the impression that Black Swans were supposed to be rare. Rare enough to be effectively non-computable by standard methods. Nassim Taleb’s formulation of the Black Swan Theory is comprised of the three traits of: outlier (rarity), extreme impact, and retrospective predictability (i.e. 20/20 hindsight). I write this
The goal of enterprise risk management (ERM) is to eliminate the siloed approach to identifying, monitoring and managing risk practices throughout an organization. By applying a consistent approach to ERM policies and procedures through a clearly delineated organizational risk hierarchy, organizations can mitigate risk and identify new business opportunities. Insurers
There are numerous strategic risk issues that might keep a chief risk officer or chief executive officer awake at night. Particularly since the financial meltdown, many are asking themselves (and anyone who will listen), “Do we need to do more in risk management?” Evaluating your program is an intense process,
What is Risk Management? Risk Management can be found in many forms. This was emphasized to me while I was Googling “risk management in financial firms.” What I found were hits covering risk management across a wide spectrum of activities, from risk assessment for projects large and small to mathematical
My introduction to the issue of risk in business decision making came rather abruptly and rudely during what I thought was going to be another routine quarterly business review with the executive committee. My particular agenda item was to present the business case for a “lite” version of one of
The best business book I’ve ever read (or at least the best by someone not named “Drucker”) has been “Competing on Value” by Mack Hanan and Peter Karp. Not trendy or full of consultant-speak buzzwords, first published in 1991, it’s simple, direct approach has stood the test of time, even
Earlier this week UK chancellor George Osborne announced his first budget as “tough but fair”. His action on debt echoed austerity measures being taken across other parts of the world. As I write this blog, President Obama and the G20 are assembling in Toronto. Opinions are mixed with Europe pushing
Over 80 banks in America have been closed down this year and others have announced higher trading losses amidst increased regulatory scrutiny. Finland was the first country to announce a double dip recession. Northern Rock cut 650 jobs as part of their restructuring efforts. We’re obviously not out of the
SAS and the Economist Intelligence Unit (EIU) have announced the release of the 2010 EIU report, "Rebuilding trust: Next steps for risk management in financial services," sponsored by SAS. The 2010 report includes the results of an online survey - that attracted 346 global respondents, all executives with risk management
Recent research conducted by the Economist Intelligence Unit on behalf of SAS illustrates both the scope of the proposed reforms and the scale of the challenge ahead in risk management. In March 2009, the Economist Intelligence Unit conducted a global survey of 334 senior financial services professionals, of whom 50
At the World Economic Forum in Davos, Switzerland, many financial experts spoke about what is needed to unleash the lenders, keep the books simple, and bring on more rules to improve the financial markets and avoid another global financial crisis. Is nationalizing global banks the answer, as some experts have
I was reading an article in Project Manager Today magazine (more interesting than it might sound) about 'Unknown Unknowns and Risk' and it made reference to Donald Rumsfeld's infamous comment about "we know there are some things we do not know". Actually, he was making sense in a garbled sort
How much time should be devoted to preparing for an important challenge? Depends on the challenge, I hear you say. From my experience, it is important to be aware of the challenges to be confronted when completing a significant project. Not under-estimating the real effort required, often depends on fitness
I recently visited New York to attend the PRMIA Frontiers of Technology Forum to hear and discuss the main issues that are impacting the world of risk management. While I was travelling, the airline misplaced my luggage. Reliable information, whether it’s related to finance, risk, marketing, sales – or to
