|By PR Newswire||
|January 16, 2014 10:29 AM EST||
WASHINGTON, Jan. 16, 2014 /PRNewswire-USNewswire/ -- The Office of the Comptroller of the Currency (OCC) today released a proposal setting forth new standards, based on the agency's heightened expectations program, for large national banks and federal savings associations that would be enforceable under part 30 of its regulations.
Following the financial crisis, the OCC developed a set of "heightened expectations" to strengthen the governance and risk management practices of large national banks and federal savings associations and to enhance the agency's supervision of those institutions. The guidelines build upon and formalize those expectations to provide additional clarity and specificity to the large financial institutions that the OCC oversees.
"The standards announced today build on lessons learned from the financial crisis," said Comptroller of the Currency Thomas J. Curry. "They will contribute to a safer financial system for all of us by providing clear and enforceable standards for the risk management and governance of our largest institutions. They provide additional supervisory tools to examiners of large national banks and federal savings associations, and they will measurably enhance our supervision of these institutions."
The proposed standards, in the form of guidelines under 12 CFR part 30 of the agency's regulations, would apply to any insured national bank, insured federal savings association, or insured federal branch of a foreign bank, with average total consolidated assets of $50 billion or more. The proposal would reserve the OCC's authority to apply the guidelines to an institution with less than $50 billion in assets if the OCC determines that it is highly complex or otherwise presents a heightened risk.
The proposed guidelines set forth the minimum standards for the design and implementation of an institution's risk governance framework and provide minimum standards for oversight of that framework by the board of directors. The guidelines include provisions regarding:
- The roles and responsibilities of those organizational units that are fundamental to the design and implementation of the risk governance framework. These units are front line units, independent risk management, and internal audit. Together, these units should establish an appropriate system to manage risk taking.
- A comprehensive written statement that articulates the bank's risk appetite, which serves as a basis for the risk governance framework. This statement should include both qualitative components and quantitative limits.
- Board of directors' oversight of a bank's compliance with safe and sound banking practices. The board should ensure that the bank establishes and implements an effective risk governance framework that complies with the guidelines.
- Active board oversight of a bank's risk-taking activities. This includes establishing accountability for management's adherence to the risk governance framework. The board should also evaluate management's recommendations and decisions by questioning, challenging, and, when necessary, opposing, management proposals that could lead to excessive risk taking or pose a threat to safety and soundness.
- Composition of the board of directors. A board of directors should have at least two independent members who are not part of the bank's or the parent company's management.
The OCC is proposing these guidelines pursuant to section 39 of the Federal Deposit Insurance Act (FDIA), which authorizes the OCC to prescribe safety and soundness standards in the form of a regulation or guidelines. If a bank or savings association fails to meet a prescribed standard, the OCC may require the institution to submit a plan specifying the steps it will take to comply with the standard. The OCC may issue an enforceable order under section 8 of the FDIA, 12 U.S.C. section 1818(b), if the institution, after being notified that it is in violation of a safety and soundness standard, fails to submit an acceptable compliance plan or fails materially to comply with an OCC-approved plan.
As part of the agency's efforts to integrate the former Office of Thrift Supervision's regulations, the OCC is also requesting comment on its proposal to make part 30 and all of its appendices applicable to federal savings associations and to remove part 170, which contains comparable regulations that apply to federal savings associations.
SOURCE Office of the Comptroller of the Currency
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
Jul. 5, 2015 02:15 PM EDT Reads: 1,460
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Jul. 5, 2015 02:00 PM EDT Reads: 1,310
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 5, 2015 01:30 PM EDT Reads: 1,466
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
Jul. 5, 2015 01:00 PM EDT Reads: 2,336
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
Jul. 5, 2015 01:00 PM EDT Reads: 2,260
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Jul. 5, 2015 01:00 PM EDT Reads: 1,194
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Jul. 5, 2015 12:45 PM EDT Reads: 2,573
"A lot of the enterprises that have been using our systems for many years are reaching out to the cloud - the public cloud, the private cloud and hybrid," stated Reuven Harrison, CTO and Co-Founder of Tufin, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 5, 2015 12:45 PM EDT Reads: 1,224
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Jul. 5, 2015 12:00 PM EDT Reads: 1,524
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud envir...
Jul. 5, 2015 11:45 AM EDT Reads: 2,415
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Jul. 5, 2015 11:30 AM EDT Reads: 1,264
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. Th...
Jul. 5, 2015 11:30 AM EDT Reads: 1,401
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 5, 2015 11:30 AM EDT Reads: 1,571
The last decade was about virtual machines, but the next one is about containers. Containers enable a service to run on any host at any time. Traditional tools are starting to show cracks because they were not designed for this level of application portability. Now is the time to look at new ways to deploy and manage applications at scale. In his session at @DevOpsSummit, Brian “Redbeard” Harrington, a principal architect at CoreOS, will examine how CoreOS helps teams run in production. Attende...
Jul. 5, 2015 11:15 AM EDT Reads: 1,129
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
Jul. 5, 2015 11:00 AM EDT Reads: 2,107