Company News



Please find your weekly financial services news roundup specifically tailored for Internal Audit, Risk, Regulatory, and Governance professionals.

This week’s highlights:

Outsourcing Internal Audit… Professor Elizabeth Sheedy

“The problem with an outsourced party is that they don’t bring the same commitment to the company, they are going to cut corners…”

Prof. Sheedy also highlights conflicts of interest of 3rd parties. Well worth investigating further if you are thinking about changing your LOD model. If you don’t know Prof Sheedy’s work on Risk Culture here’s an interview with ABC network. Some of her academic work can be found here. If you’re thinking about outsourcing or ‘in-housing, call me on 0203 3971774 for an informal discussion on outsourcing model trends and what skills and experience today’s labor market for audit, risk and controls professionals can offer in-house teams.

Also… Poland’s State controlled Bank is under scrutiny for Money Laundering. Will this push the EU into further strengthening FS sector scrutiny? See related story below for more on EU proposals following scandals in Cyprus, Malta, Netherlands.

Lastly, MLRO’s will want to keep up with the trial of the Swiss Banker accused of Money Laundering reports Reuters – this started with the 2017 FINMA order for Coutts to pay 6.5 million CHF.

Enjoy!

Paul & Craig

POLAND INVESTIGATES MONEY LAUNDERING AT STATE BANK

Polish prosecutors start investigation into suspected money laundering at BOS Bank (BOSP.WA)...read more

EUROPEAN RISK MANAGERS PROPOSE EU CATASTROPHE INSURANCE

FEMRA asks EU Commission to consider the creation of an EU resilience framework ... read more

TRIAL OF FORMER AML COUTTS & CO LTD EXECUTIVE

Banker accused of failing to sound alarm over millions of dollars linked to scandal-tainted Malaysian sovereign fund .... read more

UBS ANNOUNCES GLOBAL FINANCING TEAM

UBS creates new global financing team spanning divisions in order to streamline client service ... read more

SCANDAL HIT STATES OPPOSE EU PLAN FOR AML SCRUTINY

German National watchdogs reportedly drag feet over EU plans to strengthen scrutiny following scandals in other EU states read more

OUTSOURCING INTERNAL AUDIT QUESTIONED BY PROFESSOR

The COVID-19 pandemic has highlighted gaps in risk management, especially around cybersecurity and internal audit read more



Audit & Governance Weekly Financial News Roundup, 15th May 2020

New email went out to subscribers today: “Audit & Governance Weekly Financial News Roundup, 15th May 2020”. Check it out http://eepurl.com/g3FaUv

 

Please find your weekly financial services news roundup specifically tailored for Internal Audit, Risk, Regulatory and Governance professionals.

This week ….. Audit committee sued (it’s not FS but very interesting list of material and financial weaknesses you would not expect of a publicly traded company – Internal Auditors take note!), US banking fines and Westpac ML saga continues. Now earnings season has ended, CRISL released their latest IB report (I do like their reports – well worth checking the others if you have time), IB revenue is up whilst IB headcount is lowest in 6 years. 

Enjoy!

Paul & Craig

$5 MILLION FINE FOR MORGAN STANLEY OVER TRADING FEE  

Morgan Stanley fined $5million by SEC over trading fees… read more

AUDIT COMMITTEE MEMBERS SUED – NSDAQ ADR PLC 

Fascinating report from legal perspective of alleged board level failure in governance ... read more

EUROPEAN INTERNAL AUDIT SUMMIT 2020

Audit summit went ahead this week focussing on emerging internal audit topics  .... read more

US CRITICISES DEUTSCHE FOR WEAKNESS IN INTERNAL AUDIT

German bank criticised for weakness in internal audit over AML issues read more

AUSTRALIA: WESTPAC ADMITS TO AML BREACHES

Update: Westpac admit to breaches in filing at Federal Court.... read more

CRISL REPORTS IB HEADCOUNT LOWEST IN SIX YEARS

IB 1Q : Headcount saw greatest decline in six years read more



Audit And Governance Weekly News 8th May 2020

New email went out to subscribers today: .

In the News this week….
HUG (!) AN AUDITOR IN MAY: AUDITOR AWARENESS MONTH  

IAA launches a “make-over” kit to promote the benefits of internal audit… read more

CYBER SECURITY MARKET SET TO GROW BY OVER 12% IN THE NEXT 10 YEARS

Report suggests growing acceptance of IoT and cloud solutions  ... read more

WESTPAC SEE 70% FALL IN EARNINGS POST MONEY LAUNDERING SCANDAL

H1 cash earnings fall 70%, and dividend deferred  .... read more

EU PROPOSES NEW BANK AML BODY

Recommended that new body should be separate from EBA  read more

UK WATCHDOG INVESTIGATES EY AUDIT OF NMC HEALTH

Accounting Regulator has opened an investigation into EY audit .... read more

CORONAVIRUS: DELOITTE SCRAPS SUMMER INTERNSHIP SCHEME

Candidates given goodwill payment of £500 as scheme scrapped amid Coronavirus crisis read more

This news service is brought to you by Fleet Search and Selection – international specialists in Financial Services Internal Audit Recruitment.

Hiring for your Internal Audit team?

We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774


Audit & Governance Weekly Financial News Roundup 29th February

New email went out to subscribers today:

This week… 
QUESTIONS FOR FRAUD INVESTIGATORS AFTER BARCLAYS TRIO ACQUITTED
The Serious Fraud Office faces renewed questions over how it handles complex cases after a jury acquitted three former Barclays executives accused of sending secret fees to Qatar… read more

DANSKE BANK EX-CEO FACES $387M LAWSUIT OVER MONEY LAUNDERING SCANDAL
The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering… read more

CITY WATCHDOG TELLS ASSET MANAGERS TO STOP USING LIBOR-LINKED PRODUCTS
Regulators have been increasing the pressure on banks and financial services providers to transition to alternative risk-free rates…               read more

BASEL TELLS BANKS TO PREPARE FOR CORONAVIRUS “SHOCKS”
Banks and their regulators should be ready to share information across borders in an effective way as the coronavirus epidemic evolves…. read more

IIA GLOBAL CHIEF CAUTIONS ABOUT EMERGING RISKS
Internal Auditors CEO Richard Chambers to address ‘Decade Ahead for Internal Audit’ Risks are evolving at an unprecedented rate, and it is essential that internal auditors at all levels are well prepared… read more 
CYBER INCIDENTS RANK TOP IN THE ALLIANZ RISK BAROMETER
For the first time ever, Cyber incidents (39% of responses) ranks as the most important business risk globally in the ninth Allianz Risk Barometer 2020, Seven years ago it ranked only 15th with just 6% of responses… read more


Special announcement: IR35 update

New email went out to subscribers today:

The UK IR35 ‘Off payment’ rule deadline of April 6th is fast approaching, with this and the increased press coverage in mind, we wanted to highlight what’s been happening this week with these important changes for the UK job market…

There’s been confusion over applying the new measures and many companies to avoid risk entirely (including Barclays, Deutsche, GSK, HSBC, IBM, Lloyds, and RBS) have said they are no longer employing off-payroll workers.

The House of Lords committee has called on those individuals affected to submit evidence to the inquiry by February 25. If you are a contractor, follow this link to submit your evidence to UK parliament!!

For readers thoroughly confused or in need of further information re. IR35, Dave Chaplin, CEO, ContractorCalculator is a great start, otherwise, feel free to contact us with questions.

This news service is brought to you by Fleet Search and Selection – international specialists in Financial Services Internal Audit Recruitment.