In-house legal risk challenge widens - new rules set to make conduct risk part of legal risk
Draft rules published by the European Banking Authority (EBA) in June 2014 would require European banks to quantify broadly-defined legal risks as part of their regulatory-capital calculations. They will force in-house teams to redraw risk-management plans, but may help banks manage the massive costs of conduct breaches - an average of over £50bn a year for ten international banks between 2008 and 2013.
In-house counsel tasked with managing legal risk have interesting times ahead, with the new European Banking Authority rules set to strain resources and potentially force a review of legal risk categories and risk models
This premium content is reserved for
Legal Week Subscribers.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651