UK bank faces sanctions

Community Bankers Trust, the parent of Essex Bank, expects to go under written agreement with regulators to improve its financial condition in the first quarter of 2011, reports The Richmond Times Dispatch.

Rex Smith III, the bank's acting chief executive officer, says: "We have made significant progress in developing controls and risk management practices and are squarely focused on providing our regulators with the necessary comfort that we are operating a financially sound institution.”

The bank's problematic assets and lack of credit risk management practices have been cited as reasons for the sanctions.

The US government's CIO Council released a draft document outlining a proposed government-wide cloud computing risk and authorisation management programme, states SC magazine.

The Federal Risk and Authorisation Management Programme (Fedramp) was developed to provide a standard approach for assessing, authorising and monitoring cloud computing services and products used by the federal government.

The first phase of Fedramp is expected to go live during the first quarter of 2011. The document states cloud computing brings new risks and challenges to securely use government data.

The IFC, a member of the World Bank Group, has appointed Saadia Khairi as vice-president for risk management and corporate strategy, says Fin Channel.com.

“Strong risk management is vital to our ability to create and expand opportunity where it's needed most,” says Lars Thunell, IFC's executive vice president and CEO.

During her time at Citigroup, Khairi was responsible for several project finance transactions, including Pakistan's landmark Hub Power Project