The Bank of New York - Risk Analysis

Paper Summary:

The paper discusses the number of risks associated with the banking industry. In an attempt to identify and minimize the various risks associated with the operation of this institution, the Bank of New York uses a Risk Management team. Their main goal is to identify and track the various risks associated with the Bank of New York and offer recommendations as to how to minimize or eliminate them. The paper shows how threats and risks in the banking industry can be divided into the following categories: Market Risk, Credit Risk, Foreign Asset Risk, Competition Risk, Governmental Risk, as well as risks to the physical structure and data systems. This paper discusses these risk areas and the Bank of New York's plan for minimizing them.

Table of Contents
Introduction
Risk Analysis
Threats/Risks - Market Risk
Credit Risk
Foreign Asset Risk
Governmental Risk
Competition Risk
Analysis
Data Systems
Mitigation/Countermeasures
Information Assurance Policies
Disaster Recovery Policies
Summary

From the Paper:

"The World Trade tower attack in September of 2001 prompted the Bank of New York to re-evaluate and amend its disaster recovery policies. At the time of the disaster, the Bank had over 8,300 employees located in four lower Manhattan facilities who were evacuated in a matter of hours. The recovery plan was immediately implemented, and they temporarily relocated headquarters to midtown Manhattan. By that evening, they had relocated operating departments to five existing contingency sites in New Jersey, New York State, and Connecticut. Staff was reassigned to alternate sites as specified in disaster recovery plans while systems were restored at backup sites over the course of the following days. Well-executed contingency plans led to quick recovery of many businesses, including ADR, BNY Clearing, Core Custody, Brokerage, European Transfer Agency, Foreign Currency Transfer, Fund Accounting and Administration, Investment Management, Performance Measurement, Retail Fund Administration and Securities Lending (BNY annual report, 2001)."

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