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Audit & Governance Weekly Financial News 5th March 2021

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Hi *|FNAME|*

US readers – registration for the 2021 General Audit Management​ Conference is open. This year they’ve introduced a new theme – ” Internal Audit Recharged: Ready. Relevant. Resilient. ” (https://na.theiia.org/training/conferences/gam/pages/gam-conference.aspx)

Op Risk doesn’t get as much air time as it should, so I welcomed Risk.nets article on the top 10 Ops Risks for 2021 (see below).

I hope you enjoy this week’s offering.

Paul
In the news this week…
INTERNAL AUDIT, COMPLIANCE AND CONTROL SYSTEMS FAILINGS AT GRENKE BANK

Findings of BaFin-commissioned probe finds ‘ineffective process-dependent controls in the internal control system as well as severe findings on the internal audit and compliance organisation.’… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8bmore (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b)
RISK.NET – TOP 10 OPERATIONAL RISKS FOR 2021

The biggest op risks for the year ahead, as chosen by senior industry practitioners. Conduct and resilience risk have both risen, with organisational change and talent risk dropping. Employee wellbeing was the sole new entry… read more (https://www.risk.net/risk-management/7800126/top-10-operational-risks-for-2021)
SECURITIES AND EXCHANGE COMMISSION HAS PUBLISHED ITS 2021 LIST OF EXAMINATION PRIORITIES

The ongoing implementation of Regulation Best Interest gets top billing in the SEC’s recently published 2021 examination priorities list, though recent evidence suggests the regulator’s focus on share class disclosures remains a chief concern… read more (https://www.planadviser.com/reading-secs-2021-enforcement-priorities/)
EBA HIGHLIGHTS KEY MONEY LAUNDERING AND TERRORIST FINANCING RISKS ACROSS THE EU

This week the EBA published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector… read more (https://www.finextra.com/pressarticle/86444/eba-highlights-key-money-laundering-and-terrorist-financing-risks-across-the-eu)

RESEARCH FINDS ANTI-MONEY LAUNDERING DIRECTIVES INCREASE VALUE OF EUROPEAN BANKS

A research paper co-authored by Dr. Henry Balani, academic and Head of Delivery, Customer Success and Support at Encompass Corporation, suggests that the Fourth Anti Money Laundering Directive (4AMLD) has significantly increased the valuation of European banks… read (https://thefintechtimes.com/research-finds-anti-money-laundering-directives-increase-value-of-european-banks/) https://thefintechtimes.com/research-finds-anti-money-laundering-directives-increase-value-of-european-banks/more (https://thefintechtimes.com/research-finds-anti-money-laundering-directives-increase-value-of-european-banks/)
QATAR REGULATOR UNVEILS PLATFORM TO HELP FIGHT MONEY LAUNDERING AND FIN. CRIME

Qatar ramps up AML efforts and anti terrorism finance measures with the launch of a new digital learning platform that raises awareness for the country’s capital markets professionals… read more (https://thefintechtimes.com/qatar-regulator-unveils-platform-to-help-fight-money-laundering-and-financial-crime/)
WOMEN PAID TWO-THIRDS LESS THAN MEN IN TOP FINANCE ROLES – REPORT

Female directors in financial services firms receive 66% less than males, with many in non-executive roles…read more (https://www.theguardian.com/business/2021/mar/01/women-still-earning-two-thirds-less-than-men-top-finance-roles)
THE EFFECT OF SEXUAL HARASSMENT ON INTERNAL AUDIT RISK ASSESSMENTS

Four Categories of High-Risk Environmental Factors… read more (https://www.cpajournal.com/2021/03/04/icymi-the-effect-of-sexual-harassment-on-internal-audit-risk-assessments/)

** Hiring for your Internal Audit team?
————————————————————
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
Contact:
[email protected] (mailto:[email protected])

============================================================
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Audit & Governance Weekly Financial News 27th February 2021

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Hi *|FNAME|*

In case you missed it earlier in the week I’ve negotiated a concession for blog readers to attend next week’s ‘European Internal Audit Summit 2021’ running from 4th-5th March.

It’s a discounted rate of over half the original cost for joint applicants or a quarter for a single entry. Email the event organisers on this page https://glceurope.com/event/european-internal-audit-summit-2021/ and mention Fleet Search. If you need an event buddy or want to take advantage of the joint discount, email me and I’ll put you in touch with an other who’s interested in going. I’m not affiliated with or receive a commission from the organisers.

In other news…. an interesting post from the FCPA Compliance Report blog on the Internal Controls, Training, and Compliance failings of Citi’s $500M payment to Revlon lenders… A judge ruled this week in favour of Revlon leaders to keep the cash. It’s a complex case (the court had 30 pages of background text) but in short, a failure in Citi’s ‘six-eyes’ controls using Oracle’s Flexcube ledger (article below).

And lastly… Have an Amazon account? Daming article concerning lapses in Internal Data Controls at Amazon UK & EU, and the treatment of the whistleblowers who brought it to the public eye. Amazon engaged in the “systematic eradication” of employees who raised compliance issues, said one former U.S. based employee. “The organization eats its own to quiet the noise of these issues. And then papers over them,” they said. https://www.politico.eu/article/data-at-risk-amazon-security-threat/

I hope you enjoy this week’s offering.

Paul
In the news this week…
INTERNAL CONTROL WEAKNESS: RSM RESIGNS AS SOFTWARE CO. AUDITOR CITING ‘UNUSUAL TRANSACTIONS

Internal control over financial reporting was not effective as of 31 Dec. 2020 due to the identification of a material weakness, RSM said in its resignation letter on Feb. 15… read (https://www.reuters.com/article/idUSKBN2AK009) https://www.reuters.com/article/idUSKBN2AK009more (https://www.reuters.com/article/idUSKBN2AK009)
TECHNOLOGY CHANGE MANAGEMENT – FCA REPORT

Lexology hint at increased FCA scruteny on 3rd party technology. “Firms need to ensure they are investing in their operational resilience, including having clear lines of senior management accountability and responsibility….. read more (https://www.lexology.com/library/detail.aspx?g=f635a490-31f4-4992-ad7e-120648c1dae3)
PWC HEAD TO TRIAL OVER WHETHER IT RIGHTLY FIRED WHISTLEBLOWER

PwC in the US will go to trial next Monday, in which it will have to defend its audits of two tech companies and that it rightly fired a whistleblower… read more (https://www.cityam.com/pwc-us-to-head-to-trial-over-whether-it-rightly-fired-a-whistleblower/)
CITI’S $500M LOSS…A BOX TICKING BUNGLE IN FLEXCUBE

Obviously, the ‘six-eyes’ principle is an internal control. Yet this control failed. Is it a training issue?… read more (http://fcpacompliancereport.com/2021/02/complex-succeed-citibank-incorrect-wires-900mm-part-2-compliance-lessons/)

EUROPE’S INVESTMENT BANKERS FEND OFF BLEAK BACKDROP TO SCOOP UP BONUSES

Traders and dealmakers take the lion’s share of rewards while other divisions miss out on payout… read (https://www.ft.com/content/d02d4b14-30c5-4667-a21b-c436b2446ca8) https://www.ft.com/content/d02d4b14-30c5-4667-a21b-c436b2446ca8more (https://www.ft.com/content/d02d4b14-30c5-4667-a21b-c436b2446ca8)

QATAR REGULATOR UNVEILS PLATFORM TO HELP FIGHT MONEY LAUNDERING AND FIN. CRIME

Qatar ramps up AML efforts and anti terrorism finance measures with the launch of a new digital learning platform that raises awareness for the country’s capital markets professionals… read more (https://thefintechtimes.com/qatar-regulator-unveils-platform-to-help-fight-money-laundering-and-financial-crime/)
£550K FINE FOR FIRM’S ANTI-MONEY-LAUNDERING BREACH

A TRUST company that broke anti-money-laundering laws when dealing with a client who was investing millions of dollars of Angolan public money has been fined £550,000 (https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor) .read more (https://jerseyeveningpost.com/news/2021/02/21/550k-fine-for-firms-anti-money-laundering-breach/)

UK SHOULD ‘RESIST’ EU TRADE TRANSFER, SAYS BOE GOVERNOR

BoE governor Andrew Bailey has warned that the UK should “resist firmly” any attempts made by the EU to transfer euro derivative clearing from Britain to elsewhere in Europe… read (https://www.fstech.co.uk/fst/UK_Should_Resist_Firmly_EU_Trade_Transfer_Worth_Trillions_Says_BoE_Governor.php) more (https://www.fstech.co.uk/fst/UK_Should_Resist_Firmly_EU_Trade_Transfer_Worth_Trillions_Says_BoE_Governor.php)

** Hiring for your Internal Audit team?
————————————————————
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
Contact:
[email protected] (mailto:[email protected])

============================================================
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Exclusive! Ticket Discount for the ‘Europen Internal Audit Summit 2021’

New email went out to subscribers today: european internal audit summithttp://eepurl.com/hrrqNH*|FNAME|*

It’s nice to offer something to loyal readers once in a while!

I’ve negotiated a discount for tickets to next week’s ‘European Internal Audit Summit 2021’ running from 4th-5th March.

See here:
https://glceurope.com/event/european-internal-audit-summit-2021/

The single ticket price was €999, but mention Fleet Search + Selection and you’ll get it for €750.

Joint applications are reduced from €1998 to €999.

If you want to take advantage of the whopping discount on a joint ticket, but need a conference buddy, email me and I’ll put you in touch with an other.

Registration closes next week, email booking(at)glceurope.com to make a booking.

I’m not affiliated with or receive a commission from the organisers.

Have a good week!

Paul

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Audit & Governance Weekly Financial News 19th February 2021

New email went out to subscribers today: Audit and Governance Weekly News 19th February 2021http://eepurl.com/hq2cMH*|MC_PREVIEW_TEXT|*

Subscribe (https://fleet-search.us13.list-manage.com/subscribe?u=13d589a9257a929df14b13550&id=072365d2ae)
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Hi *|FNAME|*

This morning, I was talking to the organisers of the European Internal Audit Summit 2021. It’s aimed at Heads of Audit and Audit Management (looking at the Agenda I know many of you could lecture on these topics). However, if your company has €999 in the budget for training, there are a few places left. Registration closes in two weeks. I’ll see if I can get a discount for readers – let me know if you’re interested [email protected]

Agenda:

Day1
* Best practices for auditing in the current crisis and beyond
* Internal Auditor as strategic partner
* Auditing the operational resilience framework (Bank of Ireland)
* Internal audit’s strategic and advisory role in the merger of the Financial Supervisory Authority and the Central Bank of Iceland
* Auditing data protection and privacy controls
* How audit and investigation can work closer together?
* Data analytics for non-IT specialists
* Impactful Audit Reports

Day2
* Data mining and data analytics
* Audit skills of the future
* Competency models in group audit
* The increasing role of Information Technology in audit
* Data Analytics within internal audit: the next level!
* How to audit risks about value in your business?

Societe Generale (http:// https://www.fnlondon.com/articles/societe-generale-offers-uk-staff-up-to-90-of-work-week-at-home-20210218) might become everybody’s favorite employer after they offer UK staff up to 90% of a work week at home. That’s a few days every month, says group country head for the UK, Christophe Lattuada.

A good week for Danske Bank – the global organisation that monitors efforts to prevent money laundering has raised Denmark’s ratings after the home of Danske Bank A/S adopted new measures to stop financial crime.

The FT reported an update on Bank of England plans to break from EU with tougher bank capital rule (https://www.ft.com/content/e8186e08-0f1c-4d03-b630-21bf1a3cc9ba) .

And lastly…. Quant Hedge Fund seeks retail traders from WallStreetBets with ‘good karma’. You will receive $200,000…. and a Ticket to Burningman festival (http:// https://uk.news.yahoo.com/quant-fund-looks-wallstreetbets-hire-162951581.html) . The requirements include three years of active trading experience, membership of WallStreetBets for more than a year with ranking in its community tokens. Bonus points go to those with a “refined taste for memes and a sense of humour.”

I hope you enjoy this week’s offering.

Paul
In the news this week…
SEC SUES MORNINGSTAR FOR DISCLOSURE VIOLATIONS, INTERNAL CONTROL FAILURES

The Securities and Exchange Commission has filed a civil action against former Morningstar Credit Ratings alleging the credit ratings agency violated disclosure and internal controls…read (https://www.sec.gov/news/press-release/2021-29) more (https://www.sec.gov/news/press-release/2021-29)

VIRTUAL AND AUGMENTED REALITY OFFER A NEW FRONTIER FOR CORPORATE REPORTING

A new FRC Lab report, Virtual and Augmented Reality in corporate reporting, is released today and considers how virtual and augmented reality might be used to expand the scope and audience for corporate reporting…. read more (https://www.frc.org.uk/news/february-2021/virtual-and-augmented-reality-offer-a-new-frontier)
KPMG’S SOUTH AFRICA ARM TO STOP OFFERING “NON-AUDIT-RELATED SERVICES

KPMG said in a statement the decision applied to its audit clients listed on the Johannesburg Stock Exchange (JSE), and that it volunteered to stop offering non-audit-related services to prevent perceptions of conflicts of interest… read more (https://www.reuters.com/article/idUSKBN2AF0ZN)
JERSEY REGULATOR FINES THREE FIRMS FOR BREACHING MONEY LAUNDERING RULES

The JFSC issued civil financial penalties totalling more than £719,000 against the three SG Kleinwort Hambros-owned firm … read more (https://www.internationalinvestment.net/news/4027293/jersey-regulator-fines-firms-breaching-money-laundering-rules)

EUROPEAN INTERNAL AUDIT SUMMIT 2021

There are a few banking auditors on the speaker list. It could be a useful event for those at the management Audit level looking to upskill… read (https://glceurope.com/event/european-internal-audit-summit-2021/) https://glceurope.com/event/european-internal-audit-summit-2021/more (https://glceurope.com/event/european-internal-audit-summit-2021/)

AUDITABILITY OF AI VITAL FOR FINANCIAL SERVICES

Regulators within the financial services sector continue to give close attention to the use of AI. While guidance may not be specific at this stage in all areas, there are many steps that can be taken to ensure regulatory and reputational risks associated with AI can be effectively addressed… read more (https://www.pinsentmasons.com/out-law/analysis/auditability-of-ai-financial-services)

CITIGROUP CAN’T GET BACK $500 MILLION IT MISTAKENLY SENT TO REVLON: US JUDGE

We reported this back on 9th October last year and the results are in – Reuters reported this week that, U.S. Manhattan District Judge declared that the wire transfers in August last year are not subject to revocation because the transactions were final and complete…Oops! (https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor) read more (https://www.econotimes.com/Citigroup-cant-get-back-500-million-it-mistakenly-sent-to-Revlon-US-Judge-1602443)
CREDIT SUISSE UPDATES VAR DISCLOSURE TO COVER BANKING BOOK

Credit Suisse overhauled how it reports its traded market risk exposures for Q4, expanding the scope of its value-at-risk measure to include market-sensitive positions held in its banking book… read more (https://www.risk.net/risk-quantum/7798496/credit-suisse-updates-var-disclosure-to-cover-banking-book)

** Hiring for your Internal Audit team?
————————————————————
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
Contact:
[email protected] (mailto:[email protected])

============================================================
** Twitter (https://twitter.com/fleetsearch?lang=en-gb)
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Copyright © 2020 Fleet Search + Selection, All rights reserved.
You previously expressed an interest in our information.
Our mailing address is:
Fleet Search and Selection Limited
35 New Broad Street
London, EC2M 1NH
United Kingdom
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Audit & Governance Weekly Financial News 12th February 2021

New email went out to subscribers today: Audit and Governance Weekly News 12th February

Putting aside the new UK SOX proposals, Lux Internal governance changes, and the 55-page PowerPoint presentation sent by a Deloitte employee detailing alleged audit violations in China (see below). The highlight for me this week is the podcast covering ‘The Critical Role of Internal Audit in Cyber Defense’.

I know a number of clients who have been looking at exactly this – how to Integrate the relationship between Internal Audit and Cyber Security in order to stay ahead of Critical Risk… so don’t miss this little gem. Part of a series of podcasts entitled ‘Fraud Eats Strategy’ from JD Spura, the podcast features Global execs Karen Albert (Head of Audit Chemicals company), Steven Davies (InfoSec, Risk Management – ex Morgan Stanley), and Jordan Ray Kelly (Cyber Consulting ex Cyber Division Chief of Staff FBI).

It is somewhat of a shameless plug for (surprise!) one of the guests’ own consulting firms, using co-sourcing as a solution, but I can forgive that there are some really interesting comments from some very knowledgeable individuals on how they are implementing IA Cyber Risk now. Some of the topics covered are:
* What IA Cyber Risk frameworks to select and when to implement them.
* How to form a Cyber Risk assessment in coordination with Internal Audit.
* The potential pitfalls of Internal Audit independence in relation to Cyber Security.
* How to bridge the Cyber Security skills gap within Internal Audit.
* How Internal Audit can ‘out’ emerging Cyber security risks.
* What’s the frequency sweet spot on reporting Cyber Risk Internal Audits to the board.

https://www.jdsupra.com/legalnews/fraud-eats-strategy-the-third-line-th-24214/ (https://www.jdsupra.com/legalnews/fraud-eats-strategy-the-third-line-th-24214/?)

I hope you enjoy this week’s offering.

Paul

In the news this week…
INTERNAL AUDIT CYBER RISK: HOW EXECS ARE INTEGRATING THE RELATIONSHIP BETWEEN IA AND CYBER SECURITY TO STAY AHEAD OF CRITICAL RISK

A look by top FS execs at the relationship and the links between internal audit and cyber security…read more

WHISTLEBLOWER EMAILED 55-PAGE POWERPOINT PRESENTATION TO EVERY COMPANY EMPLOYEE ALLEGING AUDITING VIOLATIONS IN CHINA

Global accounting firm Deloitte has come under attack after one of its employees alleges auditing violations in China… read more

UK DIRECTORS TO FACE FINES IN MAJOR OVERHAUL OF AUDIT RULES

Long-awaited reforms, set to be published as early as next week, will place a tough new burden on bosses in an effort to improve audit standards… read more

 

LUXEMBOURG REGULATOR CSSF, INTRODUCES CHANGES TO INTERNAL GOVERNANCE OF CREDIT INSTITUTIONS

Update of Circular 12/552 on central administration, internal governance and risk management has been published by the Luxembourg regulator, Commission de Surveillance du Secteur… read more

 

CREDIT SUISSE LOSES FINAL BID TO BLOCK AUDITOR APPOINTMENT IN SPYING SAGA

A story I’ve been following for a while – Credit Suisse has lost its final bid to block the auditor chosen by Swiss financial supervisor FINMA to scrutinise the bank’s activities in a spying scandal, according to a Supreme Court ruling published on Wednesday…

 

FINANCIAL INSTITUTIONS WANT MORE CLARITY ON ANTI-MONEY-LAUNDERING CHANGES

Compliance professionals hope the government will provide more input on its expectations following the enactment of an anti-money-laundering reform law, a recent poll found… read more

 

HEDGE FUNDS RISK BIDEN-ERA END TO MONEY-LAUNDERING LOOPHOLE

Investment advisers overseeing private equity and hedge funds are currently exempt from reporting money laundering suspicions, attracting cash from Mexican drug lords, countries under U.S. sanctions and companies with suspected Russian mob ties…

 

UK COMPANIES FACE UK VERSION OF U.S. SOX AUDIT SAFEGUARDS -SOURCES

Company directors would personally vouch for the accuracy of their financial statements under landmark proposals from Britain’s finance ministry to improve corporate behaviour, say sources familiar with the plans… read more

 

** Hiring for your Internal Audit team?
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We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected]

Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.

Contact:
[email protected]