While Europe fights its way out of a paper bag, MF Global has gone bust in spectacular style.
This is a brilliant dissection of the man at the helm from William D. Cohan. Best thing I have read in a long time (bloomberg)
From fintag's perspective we thought you should read this Business Continuity statement from MF Global's website. Funniest thing we read all year...
MF Global is committed to ensuring that a current and effective global Business Continuity Management (BCM) program is in place and that the program captures
the nature and scale of business in each MF Global region/location; that it is regularly tested to ensure ongoing appropriateness; and is in compliance with all relevant regulatory requirements.
Key Components of MF Global's BCM Program
Risk Analysis and Review
The objective of risk analysis and review is to examine risk events that can impact the continuity of operations.
This process provides an analysis of the types of risk events that can interrupt business processes and is used to establish prevention and mitigation measures. It is also used in the business continuity planning stage to build resilient business continuity plans. Risk Analysis and Review provides a good basis for designing and carrying out simulation exercises and tests that will verify the BCP’s effectiveness.
Business Impact Analysis (BIA)
All locations will carry out BIAs to identify critical and non-critical business processes/functions and offer a better understanding of each business unit’s recovery requirements, costs related to the BIA will aid in identifying the Recovery Time Objective (RTO/application restoration) and the Recovery Point Objective (RPO/data restoration) and the minimum level of services and/or products that are acceptable to MF Global in order to achieve its business objectives during an incident, emergency/disaster, or business interruption. Based on the results of the BIA, the business unit will formulate viable business recovery strategies to achieve the delivery of their critical activities and processes at an acceptable level within their RTO and RPO timeframe.
Business Continuity Plans (BCP)
All business units, in all locations, are required to have a BCP in place that are appropriate to the nature and scale of the business. The departmental BCP will document the planned action and response to an emergency situation, its recovery of critical activities/processes, and identify how it will restore business activities back to its normal state of operations based on approved recovery strategies.
Key MF Global business unit and IT Operations processing locations have dedicated recovery facilities that are located a substantial distance from the primary office. The main principle is to duplicate, as much as possible, the functions and workflow processes that are in place in each "business as usual environment" (BAU).
Training is developed and conducted by the BCM staff to establish and support a global BCM culture. BCM training and awareness programs are categorized into three main areas: Basic, Management, and Specialized.
Italy to send in Berlusconi's body double as he is too busy entertaining to attend the G20.