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Risk Management

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RISK MANAGEMENT

- Meridien looks into technology used to implement privacy management; Board of Raft International appoints Derek Gordon Hall. - Meridien Research looks into technology used to implement privacy management and provides estimates on spending. - The Board of Raft International appoints Derek Gordon Hall as a non-executive director of the company.

A new report from Meridien Research looks into technology used to implement privacy management and provides estimates on spending on such privacy management solutions. The report entitled, "From Policy to Practice: Privacy management Solutions" states that while financial services firms are spending significantly on security, database enhancements and opt-out notice mailings, little is being invested in solutions to actually manage a customer's privacy. Dennis Behrman, analyst at Meridien and author of the report, says that a lack of clear understanding about institutional privacy management issues will lead to irrational or misdirected spending and that very few organizations have committed to developing a robust, enterprise-wide privacy policy. In terms of spending, the report predicts that $25 million will be spent this year on core privacy technology worldwide, but that number is expected to grow to $167 million by 2006. This spending takes into account hardware, software and services.

The Board of Raft International has appointed Derek Gordon Hall as a non-executive director of the company. Hall spent 22 years at JP Morgan before retiring at the managing director level and has also worked for Andersen Consulting. His experience includes information technology, bank operations and risk management. Hall is now an independent consultant and entrepreneur with assignments at three major banks, advising on their IT infrastructures and operations. He also serves as an executive director of Westward Management Limited, Icaramba Limited, JP Morgan Pension Trustees Limited and JP Morgan Financial Investments Limited and is a non-executive chairman of Meriden Group.

The Global Association of Risk Professionals is hosting its third annual Risk Management Convention and Exhibition and Financial Risk Manager of the Year awards. The GARP 2002 event will take place February 11-14 at the Roosevelt Hotel in New York City. The first day of the conference will feature workshops entitled, "Designing and implementing an internal rating system that meets Basel II requirements," and "Practical approaches to improved market risk measurement and management." The following two-day conference program includes separate streams for the different risk areas such as market risk, credit risk, operational risk and energy risk. The conference will close on the 14th with additional focused workshops for risk professionals. The award for Financial Risk Manager of the Year in 2001 will be presented at a ceremony on February 12th. For more information go to GARP's website at www.garp.com.

Wall Street & Technology is hosting a conference called "Disaster Recovery and Business Continuity Planning For Financial Services" on February 20-21 at the Roosevelt Hotel in NYC. Speakers include: Paul Honey, Director of Global Contingency Planning, Merrill Lynch; Greg Ferris, Executive Director Global BCP, Morgan Stanley Dean Witter, Adam Taubman, Executive Director Information Technology, Morgan Stanley Dean Witter, Damian Walch, Senior Vice President of Professional Services, Comdisco, and many others. For more information go to www.Flaggshow.com.

Cristina McEachern

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