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April 01 , 2008

Understanding Basel III, What is different after September 2013


According to the supply and demand concept, in a competitive market, the price for a particular service will vary until it settles at a point where the quantity demanded will equal the quantity supplied, resulting in an economic equilibrium for price and quantity.

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Life is becoming more complex for risk managers. We must have a "forward-looking perspective", remember?We have all these new laws and regulations ...... but we also have rules, proposals and reports to consider.Have you ever discovered the common elements of the various initiatives, including the Volcker rule in the United…

Well, which is the "economic equilibrium" in Basel III jobs? You may look at the graphs:
We see that the average salary for Basel iii jobs in UK was GBP 90,000 (we know many professionals and experts that made real money in the early implementation phase of Basel III).

Now the average salary is GBP 77,500. Not too bad, as my friends from UK use to say.

What about other compliance jobs?

The average salary in quality assurance and compliance in UK is GBP 47,500.
Interesting Job Descriptions,
Location: Greater London

Regulatory COREP Analyst (BASEL III) - 6 Month Contract

My client, a market leading financial software organisation based in Central London, is currently recruiting for a test Preparation Consultant to join their highly successful and expanding team.

My client is an extremely well reputed organisation with a strong customer base and track record and this is a fantastic opportunity to join the team at the early stages of an exciting software development project.

Main responsibility:

•Identifying appropriate test scenarios and test data (ie given the information to be reported on a particular COREP template, identifying the set of financial products that will be relevant, and the various combinations of test data that will be required to ensure good test coverage)

•Selecting representative transactions from our existing test database (or defining new test transactions if necessary)

•Specifying suitable data values for the additional data attributes that the new/amended reporting requirements need (ie "enrich" the existing test transactions to ensure they contain all the data required to drive the functional testing of the new/amended COREP templates).

The data model we maintain, which defines the data our clients are required to supply to drive our reporting product, has already been updated to include any new or changed data attributes that the new reporting requirements need - this step then is all about bringing our existing test data into line with the revised data model.

•Preparing expected results for the test transactions (ie which report cell or cells should a particular test transaction contribute to, and what value will we expect to see reported given the combination of data values in the test transaction)

Essential Skills:

•In-depth knowledge of the Basel III/CRD4 reporting requirements, particularly in the area of credit risk - essential

•Familiarity with the latest COREP reporting templates - essential

•Previous experience in a testing role (specifically, test planning or test preparation) - desirable but not absolutely essential

Dear member,

Every time I read that banks must start 'ring-fencing' their retail operations so that they will be able to fail without endangering depositors, I remember the cold war, especially the Berlin wall.

Yes, I am an old man (born in 1959). Yes, I am feeling well.

No, there is "no doubt as to the person's state of mind" (at the time of writing this newsletter).

First, we read about the need for a fence in banking.

The Independent Commission on Banking in UK has the opinion that: "considering forms of retail ring-fencing under which retail banking operations would be carried out by a separate subsidiary within a wider group."

The Berlin wall started with a fence too.

Then, we read that this fence in banking must be electrified ...

The Chairman of the UK Parliamentary Commission on Banking Standards, Andrew Tyrie MP, has said:

"The Government asked us to look at one of its main proposals for increasing financial stability - ring-fencing - as part of our work ...

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