Financial Markets Standards Board Members representing communities active in global wholesale financial markets have reviewed the 3 Lines Model. The resulting Spotlight Review and Risk Register for practical application and benchmarking aims to assist firms in assessing aspects of their holistic risk management frameworks using the 3 Lines Model as a lens. The work will help the industry to reduce incidents of siloed knowledge, fudged accountability, duplication, technical problems and misconduct; it will be of interest to market practitioners, Board members and executives, and those working in the field of risk.
Publication Committee: Conduct & Ethics
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Examining remote working risks in FICC markets
Examining remote working risks in FICC markets. Following COVID-19 being declared a global pandemic and the closure of many offices, FMSB formed a working group of members and other interested market participants to consider the impacts of financial services activities being undertaken by a workforce which is widely distributed and using remote working.
The working group set about identifying and capturing the main priorities from a wide range of risks that arise from the new working environment, with a focus on areas which impact the fairness and effectiveness of wholesale FICC markets, and then to consider mitigants or strategies to manage these risks.
This Spotlight Review includes a risk register that outlines over 40 risks drawn from the experience and observations of the working group for market practitioners to use when conducting their own risk assessments.
The risk register is available at fmsb.com/wp-content/uploads/2020/07/risk-register-examining-remote-working-risks-in-ficc-markets.xlsx
