HSBC called to improve risk management

The US Federal Reserve has issued an order against HSBC requiring the bank to improve company-wide risk management, including practices to prevent money laundering, reports ABC News.

Within 30 days, the bank's board of directors must submit a plan for strengthening oversight of its compliance risk-management programme, says the report.

HSBC is also required to submit to the Federal Reserve a company-wide compliance risk assessment that contains recommendations for improving controls and provides an evaluation of its compliance risk exposure.

Agiliance, a provider of governance, risk and compliance solutions, has introduced a cloud risk management solution, states Dark Reading.

The company says the solution provides compliance, security and threat risk transparency for private, public and hybrid clouds, addressing a huge trust gap between physical and virtual operations.

According to the company, business factors make applications in the cloud attractive, yet organisations are unprepared to tackle compliance and security risks introduced in a cloud environment.

Nigeria's Access Bank has appointed a former consultant to its rival Guaranty Trust Bank (GT Bank) as its chief risk officer, to strengthen its risk management, says Reuters Africa.

Gregory Jobome, a former teacher at Britain's Manchester Business School and consultant to GT Bank, assumed duty at Access with overall responsibility for leading the lender's enterprise risk management division.

Nigeria's banking sector was plagued by lax governance and weak risk management, which the report says led to the unprecedented $4 billion bailout of nine lenders last year by the central bank.