News
Press releases, recent news and media coverage. This includes articles by and interviews with avantage experts and other press coverage of our events and activities.
avantage Business Briefing at the BBA, “RRPs: Challenges and Handy Tips”
On Thursday 26th January 2012 avantage hosted a Business Breakfast on the subject of the FSA's approach to Recovery & Resolution Planning (RRP) - (aka "Living Wills"). An eclectic selection of speakers had been organised in order to provide the attendees with a wide range of perspectives on the topic under discussion.
"avantage appointed to the ABBL's CVA Working Group"
Ilya Kraev and Christophe Durenne, Senior Consultants, avantage have been appointed to the CVA Working Group of the Luxembourg Association of Banks.
avantage in PRiM - Risk Governance:Balancing the Demands of Group Standards and Local Regulations
In its latest edition, PriM Risk Newsletter publishes an article by Tim Kent-Phillips, managing consultant; Karine Kias, Senior Consultant; and Pierre Ravez, Consultant at avantage on "Risk Governance: Balancing the Demands of Group Standards and Local Regulation".
avantage Business Briefing:Amendments to BIPRU 6:Opertaional Risk in market related activities
Avantage presents at the BBA together with the FSA and State Street Bank - " Amendments to BIPRU 6: Operational Risk in Market Related Activities."
avantage presents at the BBA together with the EBA and the FSA
avantage presents at the BBA together with the EBA and the FSA - "Implementation of COREP in the UK and Alignment with CRD 4"
avantage in Citywire
Will German,our Head of Regulatory Risk was quoted again today by Citywire on the topic of Suitability of Investment Recommendations.
avantage in PRiM Risk Newsletter
Will German, managing consultant at avantage and Dr Séverine Plunus, Head of Risk Profiling Solutions, Gambit Financial Solutions have written an article on "Assessing Suitability - Pitfalls and Solutions for Life Insurers and Private Banking.
avantage presents at the BBA - "The long journey to Basel III"
On 28 July 2011, Martin Clark and Nigel Walker, delivered a presentation at the British Bankers Association on "The Long Journey to Basel III", focusing specifically on CVA and Liquidity.
avantage get invited to join Amcham Committee
Frederic Gielen, Partner, joins the Financial Services Committee of Amcham Luxembourg
avantage Speaking at the Solvency ll Summit - 19th July
Raphael Borrel, Head of solvency II services at avantage and manager of the Solvency II experts group addressed challenges that the insurance industry often faces in relation to risk management and how the implementation of the Solvency II directive could be used to mitigate them.
avantage response to FSA on Chapter 5 CP11/9
On the 30th June avantage gives the following response to FSA in relation to CP11/9. This response addresses points in relation to Chapter 5.
avantage Edinburgh - Operational Risk Appetite: Turning a "black art" into practical reality
On Friday 24th June 2011, avantage hosted the second of its diet of breakfast seminar roundtable events in Edinburgh. This session introduced the topic of Operational Risk Appetite. In this session we focused on the practical challenges that are likely to be encountered when producing an operational risk appetite.
avantage London - Operational Risk Appetite:Turning a "Black Art" into a practical reality
The business breakfast function was well attended confirming the topic continues to challenge risk professionals to determine how best to adopt a pragmatic approach to operational risk appetite. Interestingly there was interest across banks, insurance companies and non financial instituions indicating it is a challenge which is business lead as much as it is about reponding to a regulatory requirement. l
avantage Presentation - Solvency II and Operational Risk
"On the 11th May,avantage hosted a breakfast meeting for Lloyd's brokers on the thorny issue of managing Operatinal Risk under solvency 2"
FSA Investigation into Wealth Management Firms
Will German,our Head of Regulatory Risk was quoted today by Citywire on the topic of Suitability of Investment Recommendations.
Launch of avantage (Belgium) SPRL
From 1st April 2011 we will now be servicing our Belgium clients through a subsidiary in Belgium and as such are pleased to announce the incorporation of avantage (Belgium) SPRL. We are located in the heart of the Brussels financial district offering excellent risk management and measurement consultancy and thought leadership skills to the Belgian marketplace.
avantage Speaking engagement -Developing Role of the Risk Functions under Solvency ll
The world of Risk Management is changing, partly because of Solvency II, but also due to other pressures. Risk as a discipline is coming of age.
Press Article-Compliance a Growth Industry
Bankers’ bonuses may hog the headlines, but the issue of remuneration cuts across the whole of the financial services sector. "This article outlines" the current challenges for the UK compliance community. This is the second edition in which avantage has contributed to the quarterly journal.
avantage presents at the ‘UCITS Funds Compliance Summit’
On 2 March 2011 avantage were very pleased to be invited to participate in the 12th Annual Fund Compliance Conference ‘UCITS Fund Compliance Summit’ in Luxembourg.
avantage joins the REPLY Group
On Friday 4th February, REPLY Group (REY:MIL) announced that it had bought a 51% stake in avantage.
Practical issues in implementing Solvency II for Lloyd’s Managing Agents: Model Validation and Independant Review
avantage’s fourth Lloyd’s Managing Agent’s Roundtable on Practical Issues in Implementing Solvency II was held in the Old Library of Lloyd’s London on 2nd February 2011. The topic for this event was Model Validation and Independent Review with presentations from Paul Sahota, Head of Solvency II, avantage and Gerald Ancia, Partner avantage.
avantage joins AMCHAM
avantage (Luxembourg) SàRL has recently been admitted as a small business member of The American Chamber of Commerce in Luxembourg A.S.B.L. (AMCHAM)
avantage to support the European Banking Federation - Working Group on the Single Rule Book
Frederic Gielen, Partner, avantage has been appointed to the European Banking Federation Working Group on the Single Rule Book.
Press Article: Call centre solutions needed to meet FSA compliance
Will German, Managing Consultant at avantage jointly wrote an article with Keith Gait, founder and principal consultant at Orchid Consulting. This was published on 14 December 2010 in Call Centre Focus. A copy of the article appears below.
avantage Presentation on “The practical challenges in implementing the Credit Valuation Adjustment (CVA) methodology”
In our latest briefing session we provided an opportunity for our guests to receive an update on the practical challenges in implementing the Credit Valuation Adjustment (CVA) methodology under Basel III and CRD IV.
avantage Presentation on “The Combined Impact of Changes to Liquidity and Capital Regulation”
In our latest briefing session we provided an opportunity for our guests to receive an update on regulatory developments, including CRD II (CSSF Circular 10/475), CRD III, and Basel III / CRD4.
avantage Presentation on The New Large Exposures Regime
In our latest briefing session we provided an opportunity for our guests to receive an update on regulatory developments, including the new large exposures requirements under BIPRU 10, the impact of national discretions for financial institutions with subsidiaries or Group companies incorporated in other European Member States, and practical implementation issues (changes to governance arrangements, processes, data, systems, etc.).
Practical issues in implementing Solvency II for Lloyd’s Managing Agents: Risk Appetite
On 12th October 2010 avantage held the third in its series of roundtable discussions on the practical challenges of implementing Solvency II in the Lloyd’s market.
Press Article - Applying and complying
Iain Wright and Will German's article on how firms can manage regulatory risk was published in the first edition (Autumn 2010) of inCOMPLIANCE, the quarterly journal of the International Compliance Association.
avantage Presentation on FSA PS09/20 on Stress Testing and Scenario Analysis
The topic of stress testing is receiving continuing focus as evidenced by the strong attendance at the recent avantage business breakfast briefing on the topic. The sessions are developed to be interactive and provide an opportunity to share and gain insights from an intimate setting and open discussion forum.
avantage Presentation on Arrow Visits: Governance Issues
On Thursday 2nd September 2010, avantage hosted the second of two roundtable events focusing on ARROW visits. In this session we looked at the aspects of ARROW visits specific to Corporate Governance, and how best to prepare for these.
avantage speaks at Insitute of Risk Management Seminar
Iain Wright spoke at an Institute of Risk Management Solvency II Special Interest Group seminar on Risk Culture on 9 September.
avantage Granted Membership of the ABBL
avantage (Luxembourg) SàRL has recently been admitted a member of Association des Banques et Banquiers, Luxembourg (ABBL) the Luxembourg Bankers' Association.
avantage Trade Marks IRPM
We are pleased to announce that we have recently received confirmation of registration of the European Community Trade Mark - IRPM.
avantage Presents at the 2010 Practitioners Forum on Solvency II Implementation
avantage were invited by Infoline to present at the '2010 Practitioners Forum on Solvency II Implementation' and to lead the post conference workshop 'Solvency II & ORSA - Hands on guidance and industry insights'
Practical issues in implementing Solvency 2 for Lloyd’s Managing Agents: Governance and Internal Controls and Observations from the Lloyd’s Team
avantage held its second roundtable discussion on the practical challenges of implementing Solvency II in the Lloyd’s market on 7 July 2010. The topics covered during the roundtable included Governance and Internal Controls as well as Observations from the Lloyd’s Solvency II team on some practical implementation issues.
avantage presents at the Infoline Conference Managing Risk & Capital in the Lloyd’s London Market
On 1 July Iain Wright our Head of Insurance made a presentation at the Infoline conference "Managing Risk & Capital in the Lloyd’s London Market"
Arrow Visits: Pitfalls and Handy Tips
On Tuesday 15th June 2010, avantage hosted the first of two roundtable events focusing on ARROW visits. In this session we looked at the new FSA approach to their supervision of firms and highlighted some practical advice on how to prepare for these visits.
Press Article - Here be Dragons: Mapping the Regulatory Footprint of your Firm
Iain Wright and Will German's article on rules mapping is the feature article in the May edition of Compliance Monthly.
ATEL ERM Working Group considers Key Risk Indicators and Risk Appetite
As part of our ongoing collaboration with Association des Trésoriers d'Entreprise à Luxembourg (ATEL) we were pleased to participate in the latest meeting of their Enterprise Risk Management working group (WGERM)
Practical issues in implementing Solvency 2 for Lloyd’s Managing Agents: Programme Management and ORSA
avantage has launched a series of roundtable discussions on the practical challenges of implementing Solvency II in the Lloyd’s market. The first roundtable was held on 23rd March 2010 when the participants discussed programme management and ORSA.
Impact on Luxembourg Banks of the Amendments to the CRD (primarily CSSF Circular 06/273)
On Tuesday 9 March, 2010, avantage held a briefing session discussing recent and future amendments to the Capital Requirements Directive (Basel II) and Liquidity Regulations, i.e. CRD II, CRD III, and CRD IV.
The Combined Impact of the CRD Amendments and the new Liquidity Regulations
On Monday 1 March, 2010, avantage held a briefing session discussing recent and future amendments to the Capital Requirements Directive (Basel II) and Liquidity Regulations.
avantage Presents at BBA Operational Risk Seminar
On 23rd February 2010 we were pleased to be invited to participate in the BBA's Operational Risk Seminar. Jason Haines, Head of Financial crime and Data security at avantage, was one of the key speakers at this timely seminar.
Press Article: 'Les obligations de publication dites "du Pilier III" : De la contrainte à l’opportunité
Vincent Galand's review of Pillar 3 requirements is this month's featured AGEFI article (http://www.agefi.lu/).
Stress Testing, including PS09/20 (Reverse Stress Testing) as a Key Tool to Understanding Your Risk
On Wednesday February 17, 2010, avantage held a briefing session discussing trends and developments in stress testing, including reverse stress testing. This was attended by a number of representatives from Banks, Investment Firms and Insurance companies.
avantage presents to the International Committee of the Investment Company Institute
On 4 February 2010 avantage were very pleased to be invited by the International Committee of the Investment Company Institute (ICI) Chaired by David Oestreicher Chief Legal Counsel for T. Rowe Price Associates Inc. to participate in a briefing session on Trends in Risk Management and regulatory developments for the Asset Management Industry
Risk Management for Investment Funds: Trends and Developments
On Tuesday 19 January 2010, avantage hosted a briefing at Hotel Le Royal, Luxembourg, discussing trends and developments in risk management for investment funds, including UCITS and non-UCITS.
avantage presents at Lombard Risk Breakfast Briefing & Roundtable Workshop FSA Liquidity Regulation
We were invited by Lombard Risk to participate in their breakfast workshop on Liquidity. Nigel Walker was one of the featured speakers at this round table meeting.
avantage Presents at BBA Liquidity Systems and Controls Seminar
Nigel Walker, Head of our Liquidity Risk Practice was one of the speakers at the BBA's seminar Liquidity Systems and Controls.
Press Article: 'FSA Policy Statement (PS) 09/16: Pricing Liquidity Risk - Mechanism to Allocate Cost or Incentivise Business Behaviour?'
Nigel Walker's review of the rationale for pricing liquidity risk is this week's featured GT Plus article on GT News (www.gtnews.com). As well as outlining some practical issues of implemented a funds transfer pricing mechanism it also provides a means of addressing and complying with the 'Evidential Provisions' outlined in BIPRU 12.3.15.
Enterprise Risk Management in Non Financial Institutions - ATEL Conference
Andrew Nord and Vincent Galand were invited to make a presentation to the Enterprise Risk Management in Non Financial Institutions Conference held on 12 November 2009 and hosted by ATEL and PRMIA in Luxembourg. The theme of the conference was recent developments in Enterprise Risk Management (ERM). In addition to the avantage presentations, Mr Francois Masquelier of the RTL group spoke of the role of the Treasury in ERM, Christian van Nedervelde (SES) spoke of the changing role of internal audit in ERM, and Mr Patrick Claude (ArcelorMittal) spoke of how to develop and mature risk management in non financial institutions.
The new FSA liquidity risk regulatory regime (PS09/16)
On 11 November 2009, avantage Capita conducted a briefing event discussing practical issues in implementing the new FSA liquidity risk regulatory regime (PS09/16: Strengthening liquidity standards) as well as anticipated future developments which may impact the new regime (Basel Committee on Banking Supervision, European Commission and CEBS, etc.).
The new CSSF liquidity risk regulatory regime (CSSF Circular 09/403)
On 29 October 2009, avantage Capita conducted a briefing event discussing practical issues in implementing the new CSSF liquidity risk regulatory regime (CSSF Circular 09/403) as well as anticipated future developments which may impact the new regime (Basel Committee on Banking Supervision, European Commission and CEBS, etc.).
The new FSA liquidity risk regulatory regime (PS09/16)
On 15 October 2009, avantage Capita conducted a briefing event discussing practical issues in implementing the new FSA liquidity risk regulatory regime (PS09/16: Strengthening liquidity standards) as well as anticipated future developments which may impact the new regime (Basel Committee on Banking Supervision, European Commission and CEBS, etc.).
Press Article: The Liquidity Risk Management Conundrum – Addressing the Requirements of CSSF Circular 09/403
avantage's article 'The Liquidity Risk Management Conundrum – Addressing the Requirements of CSSF Circular 09/403' appears in PRiM's September Newsletter
Press article: Liquidity Risk Management and CSSF 09/403
avantage's article "Le défi de la gestion du risque de liquidité: comment répondre aux exigences de la circulaire CSSF 09/403?" on the challenges of liquidity risk management and the requirements of CSSF 09/403 appears in the September issue of AGEFI
Liquidity Reporting - FSA Consultation Paper 08/22
On 6 January 2009, avantage Capita submitted its response to the risk reporting questions within the Consultation Paper 08/22 entitled ‘Strengthening liquidity standards’, issued for comment in December 2008.
avantage presents to the Risk Management Advisory Committee (RMAC) of the Investment Company Institute (ICI) on counterparty, liquidity and pricing risks
We were honoured to be invited by the Risk Management Advisory Committee (RMAC) of the Investment Company Institute (ICI) to participate in a briefing session regarding regulatory trends impacting the asset management industry across Europe. The specific topic under discussion was on the latest developments in counterparty, liquidity, and pricing risk regulatory development
ATEL ERM Working Group considers ERM in the context of rating agencies enquiries
We were honoured to be invited by the Association des Trésoriers d'Entreprise à Luxembourg (ATEL) to participate in the inaugural meeting of their Enterprise Risk Management (ERM) working group hosted by Christian Van Nedervelde of SES.
ERM and Solvency 2 Discussion Forum
avantage Capita held a business breakfast in the form of a discussion forum that considered ways in which the need to demonstrate appropriate risk management capability and governance can be addressed through an ERM initiative that would incorporate the Solvency 2 programme.
avantage Reply speaks at Risk Capital 2009
avantage Reply was invited to speak at the Risk Capital 2009 Conference "Risk Management & Capital in the New World Order". Martin Clark, Partner, delivered a presentation on Implementing Basel 2 Revision Efficiently Across the Whole Organisation. Gerald Ancia chaired the Stream on Designing & Maintaining An Efficient Capital Management Framework For Turbulent Times.
Liquidity Risk Management for Investment Firms
On 25 June 2009, avantage Capita conducted a briefing event discussing practical issues in managing liquidity risk with a particular focus on the latest regulatory trends developments.
Liquidity Risk Management – CSSF Circular 09/403
On 15 June 2009, avantage Capita conducted a briefing event discussing practical issues in managing liquidity risk in Luxembourg credit institutions with a particular focus on the latest regulatory developments. This specifically addressed the issues faced by credit institutions in implementing CSSF Circular 09/403 issued on 28 May 2009.
The Path to Solvency II: Interview with Karel Van Hulle
In this interview Barry Smith discusses progress towards implementing Solvency II with Karel Van Hulle, Head of Unit, Insurance and Pensions at the European Commission.
avantage Capita Business Breakfast on Solvency II
On 22 May 2009, avantage Capita conducted a business breakfast event at the Institute of Directors discussing practical issues in implementing Solvency II.
PRMIA Presentation on Risk Appetite and the Current Financial Crisis
On 30th April 2009, avantage Capita organised its latest presentation to an audience of members of the London chapter of PRMIA (the Professional Risk Managers International Association). The topic in question was the “Risk Appetite and the Current Financial Crisis”. The main theme of the event concerned the ability of financial organisations to create a viable framework for risk appetite in the current economic climate and was presented in three parts.
Launch of avantage Capita Sàrl
From 1st May 2009 we will now be servicing our Luxembourg clients through a subsidiary in Luxembourg and as such are pleased to announce the incorporation of avantage Capita Sàrl. We are located in the heart of the Luxembourg financial district offering excellent risk management and measurement consultancy and thought leadership skills to the Luxembourg marketplace.
Launch of avantage Capita BV
From 1st April 2009 we will now be servicing our Dutch clients through a subsidiary in the Netherlands and as such are pleased to announce the incorporation of avantage Capita BV. We are located in the heart of the Amsterdam financial district offering excellent consultancy and thought leadership skills to the Dutch marketplace.
Opening van avantage Capita BV
Wij zijn verheugd u te kunnen informeren dat met ingang van 1 april 2009 avantage Capita ltd een besloten vennootschap in Nederland heeft opgericht. Mede door deze oprichting kunnen wij nu ook gemakkelijk onze Nederlandse clienten bedienen. Wij bieden uitstekende consultancy diensten, leiderschapskwaliteiten en vaardigheden op de Nederlandse markt. Wij zijn gevestigd in het financiële hart van Amsterdam.
avantage Capita sponsors PRMIA Netherlands
avantage Capita recently became a sponsor of the Netherlands Chapter of PRMIA
Liquidity Reporting - FSA Consultation Paper 08/22 (Part 2)
On 4 March 2009, avantage Capita submitted the second part of its response to the risk reporting questions within the Consultation Paper 08/22 entitled ‘Strengthening liquidity standards’, issued for comment in December 2008.
avantage Capita Presentation of a Case Study with RTL Group at an Enterprise Risk Management Conference Held In Barcelona
On 27 February 2009, avantage Capita and RTL Group presented a case study of work under taken together at an AXIOM Events International event held in Barcelona. Participants from around Europe were drawn to the conference with the message "Business operations continue to evolve rapidly, driven by a variety of internal and external drivers. Companies are under increasing pressure to better know their risk, compliance, audit and incidents, and link them to action. Early warning of potential risks, hazards or loss is more crucial than ever. [This] event will allow you to make recommendations or decisions on retaining or transferring risks, make the necessary changes to minimise risk and capitalise the opportunities for growth."
avantage Capita Presents at British Bankers' Association Operational Risk Seminar
On 11 February 2009, avantage Capita made a presentation at the British Bankers' Association (BBA) Operational Risk Seminar held at Pinners Hall in the City of London to an audience of Operational Risk professionals and regulators.
avantage Capita Business Breakfast on Liquidity Risk Management for Banks
On 10 February 2009, avantage Capita and the British Bankers’ Association (BBA) conducted a business breakfast event at the BBA discussing practical issues in managing liquidity risk in banks and building societies with a particular focus on the latest regulatory developments.
PRMIA Presentation on Setting and Communication Risk Appetite
On 29 January 2009, avantage capita made its latest presentation to a large audience of members of the Luxembourg chapter of PRMIA (the Professional Risk Managers International Association).
avantage Presentation to 6th Session of the Working Group of German Banks
On 5 February 2009, avantage Capita hosted the sixth meeting of the Working Group of German Banks based in Luxembourg which is a platform to exchange information among practitioners regarding the preparation of the ICAAP.
PRMIA Presentation on Incremental Risk Charge
On 9 December 2008, the Luxembourg Chapter of PRMIA (the Professional Risk Managers International Association) invited avantage Reply to make a presentation on the issue of the Incremental Risk Charge (IRC)
Deloitte and avantage Capita breakfast meeting on ICAAP for Investment Firms
On 21 November 2008, avantage Capita and Deloitte Luxembourg hosted a business breakfast in Luxembourg to discuss issues faced by Investment Firms with respect to the implementation of the Internal Capital Adequacy Assessment Process.
avantage ICAAP 5th Presentation to Working Group of German Banks
On 20 November 2008, avantage Capita hosted the fifth meeting of the Working Group of German Banks based in Luxembourg which is a platform to exchange information among practitioners regarding the preparation of the ICAAP.
London Business Breakfast on the ICAAP
avantage hosted a business breakfast on the ICAAP at the BBA on 13 November 2008. The focus of the breakfast was on the status of the ICAAP submissions given the current market conditions, changes in regulatory requirements and analysis of a number of completed ICAAPs.
PRMIA Event: Measuring and Managing Reputation Risk
On 6 November 2008, the Luxembourg Chapter of PRMIA (the Professional Risk Managers International Association) invited avantage Capita to make a presentation on Reputation Risk. The presentation by Gerald Ancia, Director avantage Capita, highlighted some of the issues with respect to measuring and managing reputation risk and included an approach to both identifying and monitoring past events, early warnings, and how those can be used to measure the risk of reputation in stressed scenarios.
avantage Business Breakfast on Incremental Risk Charge
On 25 September 2008, avantage Reply held a business breakfast which addressed the issue of the Incremental Risk Charge (IRC).
avantage Capita admitted as Associate Member of the British Bankers' Association
avantage Capita was recently admitted as an associate member of the British Bankers' Association (BBA)
PRMIA - ATEL Event: Liquidity Risk Management and Stress Testing
On 29 September 2008, the Luxembourg Chapter of PRMIA (the Professional Risk Managers International Association) in conjunction with ATEL (Association des Trésoriers d’Entreprise à Luxembourg) invited avantage Capita to present our liquidity risk management and stress testing approaches. The event attracted more than 100 risk professionals.
avantage ICAAP Presentation to Working Group of German Banks
On 2 September 2008, avantage Capita hosted the fourth meeting of the Working Group of German Banks based in Luxembourg which is a platform to exchange information among practitioners regarding the preparation of the ICAAP.
avantage ICAAP Presentation to Working Group of German Banks
On 20 May 2008, avantage Capita hosted the third meeting of the Working Group of German Banks based in Luxembourg which is a platform to exchange information among practitioners regarding the preparation of the ICAAP.
avantage Capita Stress Testing Breakfast - London
On 2 May 2008, avantage Capita hosted a business breakfast in London to discuss stress testing; what is it, what do you have to do and how do you know if you have got it right.
avantage ICAAP Presentation to Working Group of German Banks
On 8 April 2008, avantage Capita hosted the second meeting of the Working Group of German Banks based in Luxembourg which is a platform to exchange information among practitioners regarding the preparation of the ICAAP.
ICAAP framework, expectations, impact and lessons learned
The May edition of Business Review reported on the PRiM conference "ICAAP and CSSF Circular 07/301: the framework, the expectations and the impact and lessons learned". Martin Clark of avantage Capita was one of the presenters and outlined the progress in implementation of ICAAP process and practical advice to Luxembourg banks.
avantage ICAAP presentation to Working Group of German Banks
On 14 February 2008, avantage Capita hosted the first meeting of the Working Group of German Banks based in Luxembourg which is a platform to exchange information among practitioners regarding the preparation of the ICAAP. Eleven banks attended the first session, which included the presentation of a case study by Frederic Gielen and Martin Clark, Directors, avantage Capita Limited, followed by a discussion facilitated by Juergen Schweig, Director, Head of Finance, Deutsche Bank Luxembourg S.A.
