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Risk management

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Following the conclusion of the North-East Nigeria Recovery and Stabilization Programme (NENRSP) in June 2018, the UK Government agreed to support the continuation and scaling up of World Bank (WB)-executed post-RPBA (Recovery and Peace Building Assessment) work through the second phase of Governance Partnership Facility (GPF)-funded activity. This second phase of activity is entitled 'Enabling Sustained Recovery in the Northeast' (ENSURE). ENSURE, which focuses on the states of Adamawa, Borno, and Yobe, and on Federal Government institutions mandated to oversee recovery in the northeast, is implemented in close coordination with a second WB-executed project (financed through a European Union Trust Fund) that seeks to promote recovery-related financial governance reforms (including coordination) in Borno State. The ENSURE program is to operationalize and support the Government of Nigeria's (GoN) implementation of the Recovery Strategy and Framework, as defined by the North-East (NE) Nigeria RPBA and Buhari Plan; and to identify practical recommendations for ongoing and future GoN and development partner operations and collaboration, including the Multi-sector Crisis Response Project (MCRP).

Risk management.

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To address key knowledge gaps related to compound risk, this report by Vrije Universiteit Amsterdam's IVM Institute for Environmental Studies and World Bank's Global Crisis Risk Platform (GCRP) documents findings from a retrospective analysis of two compound crises in the Horn of Africa. The linked crises occurred in Kenya and Ethiopia between the end of 2016 and the beginning of 2018, when a severe drought was immediately followed by extensive flooding during the long rainy season. The situation was further compounded by spillovers and interactions with wider dynamics including ethnic conflict, political disruption, displacement and crop pest infestation, with severe implications for livelihoods and wellbeing. A series of qualitative and quantitative methods are used to explore the interaction of various threats and outcomes from the two crises. More specifically, the work seeks to understand the drivers of compound risk and how they materialize over time, as well as identifying relevance windows of opportunity that can support early action based on the two case studies.

Risk management.

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The first section of this report briefly introduces the topic and explains the role of credit reporting systems in the financial infrastructure. The second section briefly discusses the role of the different types of CRSPs and recognizes alternative credit reporting service providers as emerging players in the industry. It also sheds light on the use of new technologies in credit reporting and their potential implications. The third section discusses GPCR as published by the ICCR in 2011. GPCR represents the only universal set of standards for credit reporting as included under the Financial Stability Board (FSB) noncore compendium of standards for the financial sector. GPCR's five principles describe the respective roles of key stakeholders, accompanying guidance, and recommendations for effective oversight. The section elaborates on the relevance of GPCR for developing key principles for the effective regulation and supervision of CRSPs. In doing so, it provides numerous examples of how GPCR applies in the regulatory frameworks of different jurisdictions around the globe. The fourth section discusses the major types of risks related to credit reporting systems. These risks are not necessarily mutually exclusive and interrelate in many ways, but they can be termed strategic risk, operational risk, cyber risk, model risk, reputation risk, and legal and compliance risk, among others. The section focuses on the evolving role of credit reporting with a forward-looking approach to identify risks and vulnerabilities. The fifth section discusses the key considerations for regulatory and supervisory principles. The section outlines the preconditions for developing and implementing an effective regulatory and supervisory framework and explains the scope of application of the key principles and the responsibilities of regulatory and supervisory authorities. The sixth section then introduces twelve principles for safe and efficient credit reporting along with the roles and responsibilities of the supervisory authority. The seventh section of the report discusses the suggested approach authorities should adopt in applying the principles. This discussion emphasizes the importance of maintaining holistic oversight of how the credit reporting system functions to ensure that the players in credit reporting activities can manage the risks related to credit information sharing. Finally, the eighth section presents the methodology for assessing the regulatory and supervisory frameworks at the jurisdictional level. The assessment methodology is primarily intended for international financial institutions (IFIs), but it is also helpful for national authorities and other internal and external assessors. Assessment responsibility for observing adherence to the key principles primarily lies with individual countries' regulatory and supervisory authorities.

Risk management.

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"Today, chief risk officers are finding themselves facing the daunting task of providing assurances to senior management and to board members that operational risks are being effectively managed and mitigated. Traditional market and credit risk approaches offer only partial effectiveness in the operational risk field, and this book explores the unique qualitative aspects of operational risk manage-ment. This book also provides insight into some of the (often noto-rious) operational risk events that have occurred in the past 10 years, with analysis of the JPMorgan Whale event, the Archegos Credit Suisse event, the UBS and Société Générale unauthorized trading scandals, the reputational risk events related to LIBOR and the recent Australian Banking scandals, the Knight Capital technology misstep and the management of operational risk at the Olympics. The Covid-19 Pandemic's impact on operational risk losses is also explored, along with the effectiveness of preparations for that event."--

Risk management.