Citigroup (C) Pushed by the Fed to Speed up Risk Management

Troubles for Citigroup Inc. (C) do not seem to end. The bank, which had begun revamping its underlying technology, risk management and internal controls as part of remediation highlighted by the Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve, is now being pushed by regulators to make urgent changes in the way it measures default risk of its trading partners.In addition to this, the bank’s own auditors have found issues with a proposal to improve internal oversight, as reported by ...