This week has seen the head of the Financial Services Authority (FSA) admit that the watchdog did not focus enough on the excessive risks being taken by banks.  In addition a former HBOS employee has confessed that risk managers at the bank were discouraged from challenging business decisions.  In light of the current economic climate and these announcements, Palisade (www.palisade.com) continues to alert the financial sector that it must evolve to embrace risk.

The risk analysis specialist believes that over the past two years many risk departments at financial institutions will have flagged up levels of uncertainty that would have been unacceptable in previous times.  However, the pursuit of generating wealth at all cost over recent years, coupled with a booming economy, will have caused these warnings to go largely unheeded.

Published: 17 February 2009
Read more: Risk analysis in the financial sector must become part of the culture says Palisade

ACE’s PELICAN implements cost effective solution for bulk SWIFT processing at Rabobank

Increased volumes, improved control and scale

London and New York – 10 February, 2009, ACE Software Solutions (www.acesw.com), a global provider of payment processing products for the financial sector, today announced the contract to implement its PELICAN™ payment processing platform at Rabobank in Utrecht, Netherlands.
“We now have an opportunity to maximise the cost benefits of communication over the SWIFT network,” said Arno Schellekens, Head of Payments Operations, Rabobank.

Published: 09 February 2009
Read more: ACE’s PELICAN implements cost effective solution for bulk SWIFT processing at Rabobank

Monster Employment Index UK sees Further Decline at the Start of 2009

January 2009 Index Highlights:
·         The UK Index dropped by 30 points in January. The current level of 111 represents the lowest reading on online job availability since May 2006
·         This fall was the steepest annual decline on record in January, shrinking 31 percent or 49 points, indicating a further slump in employer demand
·         The Index’s decline reflects sharply reduced opportunities in the environment, architecture and urbanism; construction and extraction; engineering; and administrative and organisation sectors. HR remained the weakest area for jobs, declining for the seventh consecutive month

 

Published: 09 February 2009
Read more: Monster Employment Index UK sees Further Decline at the Start of 2009

• Up to date AML software can protect banks from regulatory and reputational fines

LONDON, 3 February, 2009 – SMA Financial (www.sma.co.uk), SWIFT Regional partner for UK, Eire and Channel Islands today recommended that, despite the current economic uncertainty created by the global credit crunch, financial institutions and corporates still need to remain vigilant over the threat of money laundering.  Whilst many banks are considering a cut in spend on technology projects, the benefits to be gained from having adequate anti-money laundering (AML) processes far outweighs the costs involved.

Banks that trade across international, legal and financial jurisdictions need effective AML systems that will enable fast and accurate compliance with the procedures which are overseen by Money Laundering Risk Officers (MLROs).

Published: 02 February 2009
Read more: SMA Financial urges financial institutions that are cutting IT budgets not to compromise AML...

SMA Financial meets growing demand for SWIFT skills and services from Ireland client base

LONDON, 27 January, 2009– SMA Financial (www.sma.co.uk), SWIFT Regional partner for UK, Ireland and Channel Islands today announces a re-organisation in order to bolster its support and implementation team based in Ireland. SMA’s new clients in the region along with strong repeat business from existing clients, has created an increased need for local SWIFT consultancy and support resources.

Simon Murby, Managing Director, SMA Financial commented, “Despite uncertainties in the current financial climate , Ireland represents a growing market with a number of financial and corporate clients relying on SMA for Bureau Service connectivity and ongoing SWIFT support.

Published: 26 January 2009
Read more: SMA Financial meets growing demand for SWIFT skills and services from Ireland client base
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