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Risk IT and Operations: Strengthening Capabilities Risk IT and Operations: Strengthening capabilities June 17, 2011 Preface The board of directors of the Institute of International Finance (IIF) and members of the Steering Committee on Implementation (SCI) are pleased to present Risk IT and Operations: Strengthening Capabilities (the Report) to the international financial community. This Report aims to assist the industry in addressing weaknesses identified in the recent financial crisis, particularly in the technology and processes that financial-services firms use to support risk management. The Senior Supervisors’ Group (SSG), in its December 2010 report Observations on Developments in Risk Appetite Frameworks and IT Infrastructure, acknowledged the progress firms have made in undertaking 1 significant IT projects to improve risk-data aggregation. However, it also pointed out that considerable work needs to be done to continue to address weaknesses identified during the height of the crisis. The industry recognizes that inadequate risk IT infrastructure and processes can pose challenges to improving risk-management systems. The IIF has long stressed that a resilient financial system depends equally on appropriate and balanced regulation, sound supervision, credible resolution, and sound internal risk management and governance in firms. Improving banks’ risk IT infrastructure is also important for financial stability because it facilitates the provision of accurate risk information for use by bank management and by the micro- and macroprudential supervisors. We believe this Report provides useful insights and recommendations to both individual firms and supervisors as they work to improve risk IT practices in the industry. It discusses the results of the review undertaken by the SCI, with the help of McKinsey and of firms’ Risk IT/Ops practices. In particular, the Report develops an understanding of the expected impact of regulatory changes on risk IT requirements and assesses the current status of industry practices. More importantly, it provides pragmatic industry principles and recommendations that will facilitate each firm’s decisions on sound risk IT/Ops practices. The IIF is grateful for member firms’ participation in the review. We are especially appreciative of the invaluable support extended by McKinsey, both in conducting the survey and in the development of this Report. The lists of members of the IIF board of directors, the SCI, and the Risk IT Working Group are included in the Report. Josef Ackermann Rick Waugh Chairman of the IIF Board Member of the IIF Board Chairman of the Management Board President and Chief Executive Officer and the Group Executive Committee Scotiabank Deutsche Bank AG Co-chair, SCI Co-chair, SCI Klaus-Peter Müller Charles H. Dallara Member of the IIF Board Managing Director Chairman of the Supervisory Board Institute of International Finance Commerzbank AG 2 Risk IT and Operations: Strengthening capabilities Risk IT and Operations: Contents List of members of the Board of Directors 5 List of members of the Steering Committee on Implementation 7 3 List of members of the Working Groups 10 Executive summary 13 Introduction 17 Insights from the research 22 Five themes to achieve sound industry practice 36 Theme I: Data standardization and risk aggregation 38 for monitoring and reporting Theme II: Front-to-back operating model 49 Theme III: Applications, architecture, and infrastructure 60 Theme IV: Organization, governance, and security 78 Theme V: Interactions with supervisors 92 Next steps for the industry 103 Appendix 1: A Table of Principles and Recommendations 105 Appendix 2: Comparing the guidance of the SSG with this 116 Report’s Principles and Recommendations Appendix 3: A closer look at the survey’s detailed assessment grid 125 Appendix 4: A look at further findings of the survey 127 Appendix 5. Risk IT/Ops data requirements 143 4 Risk IT and Operations: Strengthening capabilities Risk IT and Operations: IIF Board of Directors Chairman 5 Josef Ackermann* Chairman of the Management Board and the Group Executive Committee Deutsche Bank AG Vice Chairman Vice Chairman Vice Chairman Roberto E. Setubal* Francisco González* Rick Waugh* President and Chief Executive Chairman and Chief President and Chief Officer,Itaú Unibanco Banco S/A Executive Officer Executive Officer and Vice Chairman of the Board BBVA Scotiabank of Itaú Unibanco Holding S/A Treasurer Marcus Wallenberg* Chairman of the Board SEB Ms. Suzan Sabanci Dincer Mr. Walter Bayly Chairman and Executive Board Member Chief Executive Officer Akbank T.A.S. Banco de Crédito del Perú (BCP) Mr. Yannis S. Costopoulos* Mr. Baudouin Prot* Chairman of the Board of Directors Chief Executive Officer Alpha Bank A.E. BNP Paribas Mr. Peter Wallison Mr. Robert P. Kelly* Senior Fellow Chairman and Chief Executive Officer Financial Policy Studies BNY Mellon American Enterprise Institute Mr. Vikram Pandit Mr. Hassan El Sayed Abdalla Chief Executive Officer Vice Chairman and Managing Director Citigroup, Inc. Arab African International Bank Mr. Martin Blessing Mr. Michael Smith Chairman of the Board of Managing Directors Chief Executive Officer Commerzbank AG Australia and New Zealand Banking Group Limited Mr. Urs Rohner Mr. Yoon-dae Euh Chairman of the Board of Directors Chairman Credit Suisse Group AG KB Financial Group Inc. Mr. Andreas Treichl Mr. Yasuhiro Sato Chairman of the Management Board and Chief President and Chief Executive Officer Executive Officer Mizuho Corporate Bank, Ltd. Erste Group Bank AG Mr. James Gorman 6 Mr. Gary D. Cohn President and Chief Executive Officer President and Chief Operating Officer Morgan Stanley Goldman, Sachs & Co. Mr. Ibrahim S. Dabdoub Mr. Douglas Flint Group Chief Executive Officer Group Chairman National Bank of Kuwait HSBC Holdings plc Mr. Frédéric Oudéa Mr. K. Vaman Kamath Chairman and Chief Executive Officer Chairman of the Board Société Générale ICICI Bank Ltd. Mr. Peter Sands Mr. Jiang Jianqing Group Chief Executive Chairman of the Board of Directors and President Standard Chartered, PLC Industrial and Commercial Bank of China Mr. Walter B. Kielholz Mr. Jan Hommen Chairman of the Board of Directors Risk IT and Operations: Strengthening capabilities Risk IT and Operations: Chairman of the Executive Board Swiss Reinsurance Company Ltd. ING Group Mr. Nobuo Kuroyanagi* Mr. Charles H. Dallara (ex officio)* Chairman Managing Director The Bank of Tokyo-Mitsubishi UFJ, Ltd. Institute of International Finance Mr. Oswald Gruebel Mr. Corrado Passera Group Chief Executive Officer Managing Director and Chief Executive Officer UBS AG Intesa Sanpaolo S.p.A. Mr. Martin Senn Mr. Jes Staley Chief Executive Officer Chief Executive Officer Zurich Financial Services Investment Bank J.P. Morgan Chase & Co. *Member of the Administrative and Nominations Committee Steering Committee on Implementation Chairmen 7 Mr. Rick Waugh Mr. Klaus-Peter Müller President and Chief Executive Officer Chairman of the Supervisory Board Scotiabank Commerzbank AG Members Mr. Kevin Garvey Mrs. Mayte Ledo Turiel Head of Group Credit Review & Reporting Chief Economist AIB Group Chief Economist for Economic, Financial Scenarios, and Regulation Mr. Edward Murray BBVA Partner Allen & Overy LLP Mr. Christian Lajoie Head of Group Prudential Affairs/Co-head Mr. Roberto Sobral Hollander of Group Director Prudential and Public Affairs Dep. Gestao de Riscos e Compliance BNP Paribas Banco Bradesco Mr. Brian Rogan Ms. Barbara Frohn Verheij Vice Chairman and Chief Risk Officer Managing Director BNY Mellon Banco Santander Mr. James Garnett Mr. Alex Wolff Head of Risk Architecture Head, Risk Strategy Citigroup, Inc. Bank of Ireland Mr. Edward Greene Mr. Robert Pitfield Partner Group Head, Chief Risk Officer Cleary Gottlieb Steen & Hamilton LLP Scotiabank Mr. Christian Wältermann Mr. Desmond McNamara Director Managing Director Capital & Analytics Group Risk Management and Market Risk Group Risk Operations Barclays PLC Commerzbank AG Mr. Andreas Blatt Mr. Adam Gilbert Head Risk IT Managing Director CRO IT Regulatory Policy Credit Suisse JPMorgan Chase Mr. Tonny Andersen Dr. Mark Lawrence Member of the Board & Head of Danske Bank DK Managing Director Danske Bank A/S Mark Lawrence Group 8 Mr. Andrew Procter Dr. Philipp Härle Global Head of Government & Regulatory Affairs Director Government & Regulatory Affairs McKinsey & Company Deutsche Bank AG Mr. Fernando Figueredo Marquez Mr. Bjørn Erik Næss Global Chief Risk Officer Group Executive Vice President Global Risk Management Group Finance and Risk Management Mercantil Servicios Financieros DnB NOR Mr. Akihiro Kitano Dr. Florian Strassberger Senior Manager General Manager Basel 2 Implementation Office Head of North America Mitsubishi UFJ Financial Group, Inc. DZ Bank Mr. Masao Hasegawa Ms. Patricia Jackson Managing Director , CRO, & CCO Partner Mitsubishi UFJ Financial Group, Inc Risk IT and Operations: Strengthening capabilities Risk IT and Operations: FS Risk Ernst & Young Mr. Hideyuki Toriumi Senior Manager Mr. JB King Basel II Implementation Office Director Mitsubishi UFJ Financial Group, Inc. Ernst & Young Mr. Tsuyoshi Monri Mr. Robin Vince President and CEO Head of Operations Mizuho Corporate Bank (USA) Goldman Sachs & Co. Mr. Naoaki Chisaka Mr. Rakesh Jha Vice President Deputy CFO Corporate Planning Division ICICI Bank Mizuho Financial Group, Inc. Mr. Alex Van der Laan Mr. Kenji Fujii Head of Credit Capitals Joint Head of Global Risk Management Group ING Group Global Risk Management Mizuho Securities Co., Ltd. Mr. Mauro Maccarinelli Head of Market Risk Management
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