The July 2009
edition of the
International
Association of Risk and Compliance Professionals (IARCP)
newsletter
Dear
members,
Risk and compliance management becomes much
more important.
The economic downturn has led companies and organizations around
the world to reappraise policies, procedures and processes,
including the role of the risk and
compliance management itself.
Companies make investments in boosting risk management capacities.
Risk and compliance management professionals become more important
and get more involved into into the company's planning, decisions,
goal setting and performance management.
Ineffective integration of risk and capital issues in
decision-making and insufficient enterprise-wide risk culture can
not be tolerated. Risk and Compliance
Management has a major impact on the company's ability to sustain
profitability.
We continue to see pretty good demand for...
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IT Risk
professionals
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IT
Compliance Professionals
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Compliance Managers
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Basel ii
Professionals
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Liquidity
Risk Management Professionals
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Risk
Management jobs in the Insurance Sector
CASE STUDIES
1. Compliance Manager
Australia-Sydney
$100Kbase (neg depending on experience)
Management level role
Reputable financial services company
Interesting and challenging role exists for this leading financial
services company for someone with solid skills and experience
within Compliance.
Reporting to the Head of Risk and Compliance you will be
responsible for ensuring the smooth running of all compliance
processes.
Specifically your role with involve developing and managing
compliance and complaint management frameworks, support and
influence initiatives to promote compliance processes within the
business, compliance and breach reporting and also assisting with
team and coaching and training.
This role will offer challenge, variety and the opportunity to
work in a high profile team.
2.
Head of Risk
Yorkshire / £100,000 + Benefits
The primary focus of this role is to develop and implement a risk
framework which fits with all regulatory requirements and current
business strategy.
You will be responsible for the recruitment, succession planning,
coaching and development of a highly skilled team.
Your experience will encompass all areas of financial risk
management, particularly in a complex treasury environment.
3. Compliance Manager
Singapore
Risk and Compliance Management
Focus on Quality and Standards
As Compliance Manager, you will play a vital role in the day to
day risk support of the business.
You will also be responsible for the education, training, advice
on risk processes, optimisation of risk-related operational
procedures and contribution to policy.
4. RISK MANAGEMENT SPECIALISTS - UAE and MIDDLE EAST
United Arab Emirates / US$80000 - US$120000 per annum + Bonus
Excellent opportunity to join leading consultancy that are growing
their Risk Management practice in the UAE and Middle East
This practice offers an unparalleled path to partner, and is
interviewing immediately. $80,000 - $120,000 tax free salary +
Bonus
Opportunities in Dubai, Doha, Riyadh, Abu Dhabi and more...
You will receive a fantastic tax free salary, benefits package,
bonus and for high performing consultants, the opportunity to
progress through the ranks up to Director or Partner level is
available!!
Interviewing immediately, please send your CV.
5. Sector, Sub Sector: Capital Markets , US Owned Bank & Thrift
Expertise: Regulatory/Compliance
Location: United States
A full-service regional financial services company, has expanded
from the California frontier to its current position as one of the
top 25 commercial banks in the nation, with assets of more than
$63 billion. They currently seek a Basel II Compliance Manager.
Position Summary
Responsible for working closely with stakeholders within the Basel
II Program, to provide guidance on Implementation issues escalated
by work-stream project managers and acts as the Program's subject
matter advisor.
Job Specifications
1. Oversee the oversight of the periodic self- assessment process
and coordination with the Bank's regulatory liaison and Regulator
on Basel II related matters.
2. Manage the execution of periodic quantitative impact studies,
in coordination with the Bank's work-stream leads and the
regulatory reporting group.
3. Responsible for control over Basel II knowledge gained within
the organization and other sources in a standardized manner.
4. May attend Basel II Steering Committee meetings as needed to
address issues with the Committee for the Basel II PMO.
5. Supports liaise with the parent company representatives as it
relates to U.S Basel II specificities.
6. Reports into the overall Program Management Office Manager.
7. Performs other duties as assigned.
New Developments... New Opportunities
The US Prevent Excessive Speculation Act
According to Senator Levin, crude oil, the natural gas, gasoline,
and heating oil markets have seen large price changes.
The prices are way up, they're way down, they're unpredictable -
making it impossible for many businesses and consumers to plan for
and afford energy costs and related goods and services.
The Act will strengthen disclosure, oversight, and enforcement in
U.S. energy markets, restoring the financial oversight that is
crucial to protect American consumers, American businesses, and
the U.S. economy from further energy shocks.
Summary of the Prevent Excessive Speculation Act
The Prevent Excessive Speculation Act would:
Authorize Speculation Limits for all Energy and Agricultural
Commodities.
Direct CFTC (Commodity Futures Trading Commission) to impose
position limits on energy and agricultural futures contracts to
prevent excessive speculation and manipulation and to ensure
sufficient market liquidity.
Authorize CFTC to permit exchanges to impose and enforce
accountability levels that are lower than CFTC-established
speculation limits.
Close London Loophole by Regulating Offshore
Traders and Increasing Transparency of Offshore Trades.
Prohibit a foreign exchange from operating in the United States
unless it imposes comparable speculation limits and reporting
requirements as apply to U.S. exchanges.
Provide CFTC with same enforcement authority over U.S. traders on
foreign exchanges as it has over traders on U.S. exchanges,
including authority to require traders to reduce their holdings to
prevent excessive speculation or manipulation.
Require CFTC to invite non-U.S. regulators to form an
international working group to develop uniform regulatory and
reporting requirements to protect futures markets from excessive
speculation and manipulation.
Close the Swaps Loophole and Regulate Over-the-Counter
Transactions.
Authorize CFTC to impose speculation limits on OTC transactions to
protect the integrity of prices in the futures markets and cash
markets.
Require large OTC trades that affect futures prices to be reported
to CFTC.
Allow one party to a transaction to authorize the other party to
file the report.
Require CFTC periodic review of reporting requirements to ensure
key trades are covered.
Direct CFTC to revise bona fide hedge exemption to ensure
regulation of all speculators, and strengthen data analysis and
transparency of swap dealer and index trading.
Clarify definition of OTC transactions to exclude spot market
transactions.
Protect Both Energy and Agriculture Commodities.
Cover trades in crude oil, natural gas,
gasoline, heating oil, coal, propane, electricity, other petroleum
products and sources of energy from fossil fuels, as well as
ethanol, biofuels, emission allowances for greenhouse gases, SO2,
NOX, and other air emissions.
Cover trades in agricultural commodities listed in the Commodity
Exchange Act.
Strengthen CFTC Oversight.
Authorize CFTC to hire 100 new personnel to oversee markets.
Direct CFTC to issue proposed rules within 90 days and final rules
within 180 days.
Senate Floor Statement on S. 447, the
Prevent Excessive Speculation Act Senator Levin
"Mr. President, over the past couple of years energy prices have
taken the American people on an unpredictable, expensive, and
damaging roller coaster ride.
In early 2007, a barrel of crude oil cost about $50. Over the
course of the year, the price rose steeply, nearly doubling by the
end of the year to almost $100 per barrel.
Oil prices continued to soar through the first half of 2008,
peaking at nearly $150 per barrel in July. Then, over the next few
months, oil prices crashed back down to $35 per barrel, a drop of
over $110 per barrel.
These huge price swings can't be explained
by simple changes in supply and demand.
Even taking into account the recession now plaguing our country
and the world economy, many market analysts believe that it was a
stampede of speculators into the crude oil futures market that
first drove prices far higher than justified by global supply and
demand, and now an exodus of those same speculators has driven
prices much lower than justified by supply and demand.
Like crude oil, the natural gas, gasoline, and heating oil markets
have also seen large price changes.
The prices are way up, they're way down,
they're unpredictable - making it impossible for many businesses
and consumers to plan for and afford energy costs and related
goods and services.
Unpredictable energy prices continue to take a tremendous toll on
millions of American consumers and businesses.
Unless we act to protect our energy markets
from excessive speculation and price manipulation, the American
economy will continue to be vulnerable to wild price swings
affecting the prices of transportation, food, manufacturing and
everything in between, endangering the economic security of our
people, our businesses, and our nation.
Congress should act now to help tame rampant speculation and
reinvigorate supply and demand as market forces.
That is why I am re-introducing legislation today that is nearly
identical to the legislation I and others introduced near the end
of the last provides strong and workable measures to prevent
excessive speculation and price manipulation in U.S. energy and
agricultural markets.
It will close the loopholes in our
commodities laws that now impede the policing of U.S. energy
trades on foreign exchanges and in the unregulated
over-the-counter market.
It will ensure that large commodity traders cannot use these
markets to hide from CFTC oversight or avoid limits on
speculation.
It will strengthen disclosure, oversight, and enforcement in U.S.
energy markets, restoring the financial oversight that is crucial
to protect American consumers, American businesses, and the U.S.
economy from further energy shocks.
This legislation, which addresses commodity markets, is one
important piece of the broader reform effort needed to repair our
financial regulatory system, stop abusive practices, and put the
cop back on the beat in all of our markets.
Specifically, this particular legislation would make four sets of
changes.
First, it would require the CFTC to
set limits on the holdings of traders in all of the energy futures
contracts traded on regulated exchanges to prevent traders from
engaging in excessive speculation or price manipulation.
Since we closed the Enron loophole last year all futures contracts
must be traded in regulated markets.
Second, it would close the "London
loophole" by giving the CFTC the same authority to police traders
in the United States who trade U.S. futures contracts on a foreign
exchange and by requiring foreign exchanges that want to install
trading terminals in the United States to impose comparable limits
on speculative trading as the CFTC imposes on domestic exchanges
to prevent excessive speculation and price manipulation.
Third, it would close the "swaps
loophole" by requiring traders in the over-the-counter energy
markets to report large trades to the CFTC, and it would authorize
the CFTC to set limits on trading in the presently unregulated
over-the-counter markets to prevent excessive speculation and
price manipulation.
Finally, it would require the CFTC to
revise the standards that allow traders who use futures markets to
hedge their holdings to exceed the speculation limits that apply
to everyone else.
Dear members,
Visit the website of our association.
www.risk-compliance-association.com
Write in your CV, resume, websites etc. that you are members of
the International Association of Risk and Compliance Professionals
(IARCP)
- Take advantage of the distance learning and online certification
program - at a cost that is unheard of.
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