"Firms have made good progress in better understanding the complexity of their own operations, including strengthening the overall management of organizational/legal structures, identifying all legal entities (and this was huge for some firms), and beginning the difficult task of identifying additional impediments to resolving a large internationally active firm."
Black humor ...
The above are remarks by Ms Sarah Dahlgren, Executive Vice President of the Financial Institution Supervision Group of the Federal Reserve Bank of New York.
She continued: "I think there's also good recognition that the financial system is more than just banks, with processes at both the domestic/U.S. level and globally to identify the set of systemically important financial institutions (non-banks like insurance companies for example) and to ensure that stronger regulation and oversight is exercised over these firms."
Read more at Number 2 below.
The speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the IIEA Conference on "The future of banking in Europe", Dublin was also really interesting.
"I anticipate that over time there will be a gradual decline in the size of the euro area banking sector.
Indeed, such a process of consolidation and resizing has already been on-going since 2008.
In net terms the number of credit institutions has fallen by 9% since 2008, or around 600 institutions, while the total assets of the euro area banking sector have declined by almost 12%."
George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.
George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.
George is the president of the Basel ii Compliance Professionals Association (BCPA, www.basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, www.basel-iii-association.com), the largest association of Basel iii professionals in the world.
George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, www.sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the world
George is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.read more
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