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Audit & Governance Weekly Financial News 9th April 2021

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Hi *|FNAME|*

It’s been a tough month for Credit Suisse and Nomura as they both warn of a hit to profits from US hedge fund Archegos (https://www.bbc.co.uk/news/business-56564717 ) collapse, reports the BBC. Today CNBC reported (https://www.cnbc.com/2021/04/06/morgan-stanley-dumped-5-billion-in-archegos-stocks-before-fire-sale.html) that Morgan Stanley dumped $5 billion in Archegos’ stocks the night before the massive fire sale. Meanwhile, Goldman Sachs (https://www.cnbc.com/2021/04/06/goldmans-risk-controls-worked-well-during-archegos-fire-sale-ceo-solomon-says.html#:~:text=Goldman’s%20risk%20controls%20worked%20well%20during%20Archegos%20fire%20sale%2C%20CEO%20Solomon%20says,-Published%20Tue%2C%20Apr&text=The%20forced%20selling%20caused%20an,material%20losses%20from%20the%20trades.) , came out with their head above water. “From my perspective, our risk controls worked well,” says Goldman’s CEO David Solomon. Undoubtedly there will be questions from regulators on governance, as well as investors and
C level members on internal controls practices. Two staff at Credit Suisse have already resigned.

UK Accountancy friends, I would urge you to submit your thoughts on the UK Gov white paper (see below). It’s a great opportunity to have your say and influence the government’s approach to the governance and audit framework for major companies.

I hope you enjoy this week’s offering.

Paul

In the news this week…
HAVE YOUR SAY! AUDIT AND CORPORATE GOVERNANCE WHITE PAPER: NEW AUDIT AND ASSURANCE POLICY REQUIREMENT FOR LISTED ISSUERS

UK Gov seeking views on new Audit framework for major companies… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.gov.uk/government/consultations/restoring-trust-in-audit-and-corporate-governance-proposals-on-reforms)

HOW MIGHT U.K. MANDATE FOR AUDIT TO FIND FRAUD WORK IN PRACTICE?

Hailed by David Herbinet, Head of Audit at Mazars, as “a once-in-a-generation opportunity to transform audit”, firms have generally welcomed the opportunity to revise corporate governance in the UK, but remain silent on direct accountability for corporate fraud… read more (https://www.complianceweek.com/accounting-and-auditing/how-might-uk-mandate-for-audit-to-find-fraud-work-in-practice/30216.article)
EX-SHANGHAI CLEARING HOUSE CHIEF CHARGED WITH CORRUPTION

Xu Zhen was charged with corruption and bribery for violating rules on executive pay to benefit himself and those close to him… (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/) read more (https://www.regulationasia.com/ex-shanghai-clearing-house-chief-charged-with-corruption/)

DANSKE BANK REPRIMANDED BY UK COMPETITION WATCHDOG

Danske Bank has been reprimanded by the UK competition watchdog for the treatment of some small businesses applying for COVID Bounce Back loans …read more (https://www.bbc.co.uk/news/uk-northern-ireland-56650635)

SOUTH AFRICA: RESERVE BANK FINES DEUTSCHE BANK, DISCOVERY LIFE FOR LAPSES IN MONEY-LAUNDERING CONTROL MEASURES

SA Reserve bank fines Johannesburg branch of Deutsche Bank R28 million for weaknesses in anti-money laundering… read more (https://www.news24.com/fin24/companies/reserve-bank-fines-deutsche-bank-discovery-life-for-lapses-in-money-laundering-control-measures-20210401)

EX-GLENCORE TRADER CHARGED WITH MANIPULATING PRICE OF FUEL OIL

Ex-Glencore Trader Charged With Manipulating Price of Fuel Oil… read more (https://finance.yahoo.com/news/ex-glencore-trader-charged-manipulating-171121753.html)

CRIMINAL CASE AGAINST NATWEST TIP OF £90BN ICEBERG IN ‘MONEY LAUNDERING CAPITAL OF THE WORLD’

The latest revelations followed the shock announcement, last week, that the Financial Conduct Authority had lodged criminal proceedings against NatWest for money laundering offences…. read more (https://www.cityam.com/criminal-case-against-natwest-tip-of-90bn-iceberg-in-money-laundering-capital-of-the-world/)
NATWEST £365M MONEY LAUNDERING CASE LINKED TO SEPARATE CASE INVOLVING INFAMOUS GOLD DEALER JAMES STUNT

Criminal money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the country… read more (https://www.cityam.com/natwest-money-laundering-case-linked-to-separate-case-involving-infamous-gold-dealer-james-stunt/)

** 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 26th March 2021

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Hi *|FNAME|*

ORX News (https://managingrisktogether.orx.org/orx-news/5-largest-operational-risk-losses-february-2021) reports the 5 largest operational risk losses in Feb 2021. [I’m probably behind the curve, having recently been referred to this site, but this is a great resource for Ops Risk trends]

1. Navient – $22.2m. Ordered to repay USD 22.3 million to the US government for overpaid student loan subsidies.
2. Bitfinex and Tether – $18.5m. Agreed to pay a USD 18.5 million NY AG settlement for deceptive conduct.
3. NWB Bank – $9.9m. Defrauded of EUR 12 million loan based on forged documents. [ooft!]
4. CaixaBank – $2.4m. Fined EUR 2 million by CNMV for mis-selling complex financial products.
5. BNL – $1.2m. Vaults accessed by thieves who stole an estimated EUR 1 million by disabling an alarm system.

The FT cited (https://www.ft.com/content/a0d3d9b4-8dbf-4f08-8d50-17b10765032c) a number of UK execs have voiced concerns over the US-style SoX corporate governance rules, weakening boardrooms diversity and adding cost and complexity to company audits. Sir Win Bischoff, former chair of Lloyds Banking Group said “What is proposed looks like going further in that effectively attestation is made by all board members with personal liability.” (see below).

And lastly… on top of the now well known issues Wirecard had leading up to their failure last year, it appears ‘high’ rolling Wirecard execs (https://www.wsj.com/articles/wirecard-aided-online-marijuana-sales-prosecutors-allege-11616502728) aided a scheme to trick banks into processing marijuana sales. WJS reports the now-bankrupt fintech firm and its fugitive former No. 2 executives engineered fraudulent accounts to trick banks, according to testimony.

I hope you enjoy this week’s offering.

Paul

In the news this week…
NATWEST £365M MONEY LAUNDERING CASE LINKED TO SEPARATE CASE INVOLVING INFAMOUS GOLD DEALER JAMES STUNT

Criminal money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the country… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.cityam.com/natwest-money-laundering-case-linked-to-separate-case-involving-infamous-gold-dealer-james-stunt/)

GAP BETWEEN INTERNAL AUDIT AND OTHER ENTERPRISE FUNCTIONS TO NARROW, ACCORDING TO SURVEY

The Institute of Internal Auditors Internal Audit Foundation (IAF), today announced the results of a new survey that found that internal audit’s ongoing digital transformation will rapidly accelerate in 2021… (https://www.buzzfeednews.com/article/tomwarren/jpmorgan-corruption-risk-nigeria-oil-deal) read more (https://www.businesswire.com/news/home/20210325005206/en/Study-Finds-22-of-Internal-Audit-Teams-Plan-to-Implement-Cloud-Based-Audit-Management-or-GRC-Software-in-2021)
GREENSILL CAPITAL SAGA RAISES SERIOUS ISSUES ABOUT POLITICIANS, OFFICIALDOM AND BUSINESS

From the role of David Cameron to the actions of the Treasury and regulator, the need for an investigation is pressing…. read more (https://www.theguardian.com/business/nils-pratley-on-finance/2021/mar/22/greensill-capital-saga-raises-serious-issues-about-politicians-officialdom-and-business)
FCA ANNOUNCES NEW WHISTLEBLOWING CAMPAIGN

The FCA has launched a campaign to get more customers and employees to blow the whistle on financial wrongdoing, Accompanied by the tagline ‘In confidence, with confidence’… read (https://www.moneymarketing.co.uk/news/fca-announces-new-whistleblowing-campaign/) more (https://www.moneymarketing.co.uk/news/fca-announces-new-whistleblowing-campaign/)

EX-GLENCORE TRADER CHARGED WITH MANIPULATING PRICE OF FUEL OIL

Former Glencore Plc trader was charged by U.S. authorities with conspiracy to manipulate a key oil price benchmark, the latest sign that prosecutors around the world are stepping up their scrutiny of the notoriously opaque commodity trading industry… (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/) read more (https://finance.yahoo.com/news/ex-glencore-trader-charged-manipulating-171121753.html)
FRAUD OP RISK LOSSES EDGED UP AT UK BANKS IN 2020

External and internal fraud accounted for the lion’s share of the operational risk losses at five top UK banks in 2020, and made up a greater portion of the average total than the year before, …read more (https://www.risk.net/risk-quantum/7811716/fraud-op-risk-losses-edged-up-at-uk-banks-in-2020)

INAUGURAL UK ENDORSEMENT BOARD MEMBERS APPOINTED

The UK Endorsement Board (UKEB) has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK… read more (https://www.gov.uk/government/news/inaugural-uk-endorsement-board-members-appointed?utm_medium=email&utm_campaign=govuk-notifications&utm_source=f667a1d0-a6f3-4206-89b3-b5bc8dfa10d6&utm_content=daily)

U.S. REGULATOR OPENS INQUIRY INTO WALL STREET’S BLANK CHECK IPO FRENZY – SOURCES

The U.S. securities regulator opens inquiry into Wall Street’s blank check acquisition frenzy, seeking information on how underwriters are managing the risks involved… read more (https://www.reuters.com/article/idUSKBN2BH09F)

** 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 19th March 2021

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Hi *|FNAME|*

It seems RBS doesn’t get to run away that easily from ‘toxic image’… It was just over a year ago (18 Feb 2020 issue of this blog) that RBS is to be renamed NatWest Group as the bank attempts to rescue its tarnished image after more than a decade of scandals and a £45 billion taxpayer bailout. This week the BBC reports that NatWest faces a criminal case over money laundering. The FCA claims NatWest’s systems and controls failed to adequately monitor and scrutinise deposits made into a UK account totaling £365m between 2011 and 2016 – £264m of which was in cash. The sums involved are enormous and, if convicted, the fines NatWest could face are unlimited. (see below).

Two Internal audit publications came to my attention this week that readers might be interested in. EY’s paper on the challenges and controls that IT Audit needs to consider when moving systems to the cloud and, Provident Financial’s Group Head of Audit discussing Audit leadership and innovating teams – both worth a look.

And lastly… Due Diligence fail (https://editorpen.com/finance/crypto-firm-cred-failed-due-diligence-set-ex-uk-fugitive-in-charge-of-capital-raising/) of the year award goes to… cryptocurrency investment platform Cred, who unwittingly put a convicted financial criminal and UK fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said.

I hope you enjoy this week’s offering.

Paul
In the news this week…
NATWEST FACES CRIMINAL CASE OVER MONEY LAUNDERING

The FCA alleges NatWest’s systems and controls failed to adequately monitor and scrutinise this activity. The Financial Conduct Authority (FCA) claims deposits were made into a UK… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.bbc.co.uk/news/business-56412393)
JPMORGAN STAFF SAID A $1.1 BILLION DEAL MIGHT BE CORRUPT. THE BANK SENT THE MONEY ANYWAY

Before a mammoth oil deal turned into an international scandal, high-level managers inside one of the world’s biggest banks knew of serious risks… read more (https://www.buzzfeednews.com/article/tomwarren/jpmorgan-corruption-risk-nigeria-oil-deal)
IT AUDIT – THE MOVE TO CLOUD COMPUTING FOR FINANCIAL SERVICES

Is your head really in the cloud(s)? Jonathan Roffey, Associate Partner at EY…. read more (https://www.linkedin.com/pulse/your-head-really-clouds-jonathan-roffey/?trackingId=EHEhcfu7SE%2B8mwdu3CqHhA%3D%3D)

AUDIT LEADERSHIP: A FOCUS ON TALENT MANAGEMENT

Register for Wolters Kluwer Webinar – Inspiring people at the forefront of Audit innovation addressing the big questions affecting today’s audit teams. Gareth Cronin – Chief Auditor Provident Financial Group… read more (https://register.gotowebinar.com/register/9082136882609380107?source=Bambu&utm_source=bambu&utm_medium=social&utm_campaign=taa_tm_advocacy&blaid=1313694)
AUTHORITIES ISSUE FRESH GUIDANCE ON TRADE FINANCE MONEY LAUNDERING RISKS

New guidance from the Financial Action Task Force (FATF), an influential global standards-setting body. The document was produced in collaboration with the Egmont Group, an international organisation of various countries’ financial intelligence units… read more (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/)
FCA MULLS USE OF CITY’S LISTING RULES TO BOOST GENDER DIVERSITY

FCA – ‘I want to consider whether the diversity of management teams – and the inclusivity of the management culture they create – could be part of our consideration of senior manager applications.”… read more (https://www.ftadviser.com/fca/2021/03/17/fca-warns-it-may-vet-senior-managers-for-diversity/)

UK TRADE BODY URGES CHANCELLOR TO STEP IN OVER CRYPTO REGISTER SAGA

CryptoUK, the trade association representing more than 50 crypto firms, has called on chancellor Rishi Sunak to intervene over a delayed anti-money laundering registration process that has trapped hundreds of crypto startups in limbo… read more (https://www.theblockcrypto.com/post/98313/trade-body-chancellor-crypto-register-saga)
ABN AMRO SHARES DROP AS CONCERNS OVER SIZE OF MONEY LAUNDERING FINE GROW

ABN Amro shares were down by 4 per cent this morning following reports that the Dutch bank could face a much higher-than-expected fine in an ongoing money laundering investigation.. read more (https://www.cityam.com/abn-amro-shares-drop-as-concerns-over-size-of-money-laundering-fine-grow/)

** 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 12th March 2021

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Hi *|FNAME|*

Job cuts at Barclays and HSBC. Barclays Plc is planning 60 job cuts (https://finance.yahoo.com/news/barclays-plans-cut-around-60-180852874.html?guccounter=1&guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&guce_referrer_sig=AQAAAJ-Bo7bqkpodKbiNp802CF6r3KzvabJPjL-TJQEc6mlv2L0FPxXjXCnBVvxtiA8-dpno6Ty3fvRc4-Qtiz3OhEkflbAUZtONG73gt-UxJMnkcPNy0bg6UcU8q44inKZ7ApcVphAEcfTF5RGfA4NXBilsEJfzOhbJyIRDCSyj6JpT ) at its corporate and investment bank as part of its cost-saving measures, according to people with knowledge of the matter. HSBC’s top investment banker bonuses fall by 11% as job cuts take hold. HSBC cut bonuses to its top investment bankers by 11% last year, but nearly doubled redundancy payouts for executives in the unit as the UK lender reshaped its business with deep job cuts. (https://www.fnlondon.com/articles/hsbcs-top-investment-banker-bonuses-fall-by-11-as-job-cuts-take-hold-20210223 )

However it wasn’t all bad for financial services hiring, as the Association of Professional Staffing Companies (APSCo) report that, despite a 58 percent fall in sector hiring in Q2 2020, vacancies are well on their way to recovery. (https://www.cityam.com/uk-financial-services-sector-shakes-off-covid-blows-as-vacancies-surge/)

And lastly… Deloitte diversity chief dumped (http:// https://www.cityam.com/exclusive-deloitte-diversity-chief-steps-down-following-accusations-of-bullying/) from role for bullying accusations. Deloitte’s deputy chief executive and diversity champion Dimple Agarwal is stepping down from that role following allegations of bullying from more than a dozen staff.

I hope you enjoy this week’s offering.

Paul
In the news this week…
IIA – HAS COVID-19 DEFINED A “NEW NORMAL” FOR CYBER SECURITY?

The IIA has announced the second in its 2021 program of free Webinars. This session we will be held by Daniel Duran, Senior Manager, EY who shares his thoughts on the impact of Covid 19 on cybersecurity, both the drawbacks and unexpected benefits… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.iiag.org.uk/register.aspx)
TOP IRISH SECURITIES FIRM SHUTS BOND DESK – WEAK INTERNAL CONTROL FRAMEWORK HIGHLIGHTED

Ireland’s top securities firm closed its bond desk and said all those involved in a deal which has plunged the company into controversy have now exited, “The transaction highlighted a weak internal control framework in relation to conflicts of interest management and personal account dealing,”… read more (https://www.bloombergquint.com/business/top-irish-securities-firm-shuts-bond-desk-as-scandal-ripples-on)
QUANTUM COMPUTING AND ENTERPRISE RISKS – DEUTSCHE BORSE INVESTIGATION

Deutsche Börse has completed a pilot study into the application of quantum computing to calculate proprietary business risks, in a use case that could enter full production within the next three years, according to independent experts…. read more (https://www.risk.net/risk-management/7806651/deutsche-borse-eyes-quantum-computing)
ALIGNING OPERATIONAL RISK MANAGEMENT WITH CLOUD AND EMERGING TECHNOLOGIES

Disruptive technologies are revolutionising business and life as we know it. These technologies are empowering consumers and forcing enterprises to adapt or be left behind… read more (https://cio.economictimes.indiatimes.com/news/cloud-computing/aligning-operational-risk-management-with-cloud-and-emerging-technologies/81459667)
INTERNAL CONTROL MECHANISMS IN RATING AGENCIES WERE LACKING IN 2020

Securities Association of China said lack of internal control mechanisms in rating agencies led to issues like missing records, loose archival management, mismatch between rating models and risks highlighted in rating reports… read more (https://www.thehindubusinessline.com/news/world/china/article34042114.ece)
ESMA REVIEWS ITS GUIDELINES ON ENFORCEMENT OF FINANCIAL INFORMATION IMPLEMENTATION IN THE WAKE OF THE WIRECARD CASE.

The review identifies shortcomings which require modifications in the provisions included in the Transparency Directive, 2004/109/EC (TD). It also noted that new challenges, such as supervision of non-financial information or digital developments… read more (https://www.esma.europa.eu/sites/default/files/library/esma32-51-818_letter_to_the_ec_on_next_steps_following_wirecard.pdf)
TRUST COMPANY FINED $835,000 FOR OPENING ‘GATEWAY TO POSSIBLE MONEY LAUNDERING’ IN ANGOLA

A court in the Channel Islands has fined a team of accountants and economists who for years ignored “obvious” risks of possible corruption and embezzlement… read more (https://www.icij.org/investigations/paradise-papers/trust-company-fined-835000-for-opening-gateway-to-possible-money-laundering-in-angola/)
DELOITTE UNDER INVESTIGATION OVER AUDITS OF CAR SELLER LOOKERS

The accountancy giant signed off accounts that would subsequently be restated over allegations of fraud… read more (https://www.belfasttelegraph.co.uk/business/uk-world/deloitte-under-investigation-over-audits-of-car-seller-lookers-40187657.html)

** 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 5th March 2021

New email went out to subscribers today: Audit and Governance Weekly News 5th March 2021http://eepurl.com/hsiK35*|MC_PREVIEW_TEXT|*

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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])

============================================================
** Twitter (https://twitter.com/fleetsearch?lang=en-gb)
** Facebook (https://www.facebook.com/fleetsearch/)
** LinkedIn (https://www.linkedin.com/company/fleet-search—selection)
** Website (https://www.fleet-search.com)
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
** Add us to your address book (https://fleet-search.us13.list-manage.com/vcard?u=13d589a9257a929df14b13550&id=072365d2ae)
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