Back in 1995, a young Futures Trader Nick Leeson was working in Singapore on arbitrage trading on the main Tokyo index – the Nikkei 250 - for Barings Bank when he fraudulently hid massive financial losses from the bank in both London and Singapore. The losses incurred by the 200-year-old bank were estimated at $1.3 billion in unauthorised trades.
GDPR is a very thorough regulation, requiring control of personal data processing, distribution and storage. It has been used as inspiration for other regulations including Brazil’s Lei Geral de Proteção de Dados LGPD, its general data protection regulation.
Regulatory Compliance, Data Lineage, GDPR, Metadata Management, Data Quality, Data Management, Data Privacy, Regulatory Lineage, LGPD, CCPA, Brazilian General Data Protection Act, Jurisdictions, Cross-border data flows, Privacy Law
There has been a lot of scandal-driven regulatory change in the last 10 years, this is no less true for the reforms to Interbank Offer Rate (IBOR). Benchmark rigging in the US$350 trillion interest rate markets was the catalyst for a move away from the British Banking Association’s London Interbank Offered Rate (LIBOR) calculation to alternative Risk-Free Rates (RFRs).
After working for the leasing division of Barclays for 11 years, it was very strange to move from an established process of working, to join the ‘dark side’; a start-up software company selling trading software back to Banks. It was an exciting time, as financial services organisations were going through dramatic change and adopting new technology and practises.
Regulatory Compliance, Data Lineage, Metadata Management, Data Quality, Data Management, Regulatory Lineage, Management Responsibilities Map, SMCR, FCA, Data Visualisation, Regulatory Reporting, Transparency, Senior Managers, Data Control, EUDA, Data Ownership, Excel, Visio, PowerPoint
BCBS 239 is summed up by the Basel Committee on Banking Supervision as: “the right information needs to be presented to the right people at the right time”. In the global financial crisis of 2007/8 (remember that one?), regulators found some “globally systemically important” banks did not have a firm grip on their risk reporting and could not react quickly enough.