Rick Buy has requested that he receive the log of the book officialization 
errors on a daily basis.  Previously, he was only receiving it weekly.  
Because of this change, it will be necessary for risk contols to have a 
complete explanation from your risk groups as to why errors happened.  

The current process is as follows for Houston (using Houston time):
Books officialized in evening by risk management
7:30 am risk controls receives error listing (books which did not make it to 
RisktRAC)
7:30 - 8:30 explanations obtained for error received from risk management 
(Not all explanations are obtained by 8:30)
8:30 meeting to discuss previous night's officialization process and general 
processes
9:00 close obtain explanations not obtained before meeting
Wed pm - weekly consolidated report sent to business controllers and RAC

The process needs to change so that we receive all explanations before the 
8:30 meeting.  I know that many groups identify errors the night before via 
the benchmark or reviews of RisktRAC.  Hopefully, all groups are moving in 
this direction.  Since the log will go out each day, each of you need to look 
at the current process you have in place and determine how you can get us the 
information prior to the 8:30 meeting.

We are trying to put the following process in place (for Houston):
Books officialized in evening by risk management including risk management 
ensuring RisktRAC has all required information, errors noted and an e-mail 
sent to risk controls
7:30 am risk controls receives error listing (books which did not make it to 
RisktRAC)
7:30 - 8:30 explanations obtained for error received from risk management (if 
not received the night before) and log updated
8:30 meeting to discuss previous night's officialization process and general 
processes
Log sent to bus. controllers, RAC - daily

Note:  I know that London, Sydney, and Japan have different processes.  We 
have to work with your current processes to ensure that risk controls 
receives info on time.