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Audit & Governance Weekly Financial News 25th September 2020

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Hi *|FNAME|*

This week: Brexit, FCA, VaR, Fitch, Banking, Insurance, Carillion (remember them?) a cornucopia of audit, risk and government activity.

Update – Westpack
I’ve been following the Westpac Money-Laundering, Terror-Financing Breaches for months now. This week its been announced they will pay a Record Penalty of $920 million for breaches including failing to detect transfers that may have been used for child exploitation.

Update – BoE audio hack
First reported in my April 6th post the FCA has now dropped its investigation into the company at the centre of a controversy around the B of E market-sensitive press conference feeds, clashing with the BoE’s assertion that the business had “misused” the feed.

And finally… ‘What chess can teach us about assessing vendor risk, just like aligning chess pieces — Applying the right tools in assessing vendor risk can help protect your most valuable assets’. I enjoy other perspectives, and thought this was a good way of visualising (vendor) risk in a novel way, Thank Mr. Alex Golbin of IHS Market.

Enjoy this weeks edited news below.

Many thanks

Paul
In the news this week…
FCA ISSUES REMINDER TO FIRMS ON HANDLING OF INFORMATION

FCA use anonymised case study to illustrate how criminal insider at advisory firm was tipped off … read more (https://www.pinsentmasons.com/out-law/news/fca-issues-reminder-to-firms-handling-of-information)
FITCH RATING – FCA CRACKDOWN MAY REDUCE NON-LIFE PROFITS

“Radical” reforms to save consumers money could cost motor and home insurers £3.7bn profit dip… read more (https://www.fitchratings.com/research/insurance/fca-crackdown-may-reduce-uk-non-life-insurer-profits-from-4q21-24-09-2020)
MARKET RISK – VAR SPASMS CAUSE HIGHER CHARGES

The eight eurozone global systemically important banks (G-Sibs) report increased charges of one-third over first six months of the year… read more (https://www.risk.net/risk-quantum/7687541/var-spasms-heap-extra-market-risk-charges-on-eurozone-g-sibs)
AI – NASDAQ MAKES PUSH INTO ANTI-MONEY LAUNDERING TECH

Nasdaq launching the AI technology to help banks automate AML investigations, as it expands into the financial crime software market .. read more (https://in.reuters.com/article/nasdaq-technology-idINKBN2671VQ)
EU TO EXTEND ACCESS TO LONDON CLEARING HOUSES TO MID-2022

Proposed reprieve for UK clearing, but Brussels wants EU financial institutions to use the extra time to reduce “exposure to UK market infrastructures”… read more (https://www.ft.com/content/2de23b12-5f77-44db-8e29-c3999491b2e7)
BREXIT – JP MORGAN ‘TO MOVE €200BN ASSETS FROM THE UK TO GERMANY

US banking giant plans to finish the migration of the assets to a Frankfurt-based subsidiary by the end of this year… read more (https://www.cityam.com/jp-morgan-to-move-e200bn-assets-from-the-uk-to-germany-due-to-brexit/)

FUND MANAGERS PUSH BACK ON TIGHTER EU RULES FOR ASSET MANAGERS TO HAVE STAFF ON THE GROUND

Senior fund managers have pushed back against a call from the European Union securities watchdog for tighter rules on where industry officials are located… read more (https://uk.reuters.com/article/uk-britain-eu-regulation-idUKKBN2661XO)
UK WATCHDOG TO ACCUSE KPMG OF BREACHES IN CARILLION AUDIT

Accountancy watchdog delivers initial report of KPMG’s audit of collapsed outsourcer Carillion, indicating a number of breaches…. read more (https://www.cityam.com/uk-watchdog-to-accuse-kpmg-of-breaches-in-carillion-audit/)

** 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 18th September 2020

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Hi *|FNAME|*

Deloitte were in the headlines for a third week running, this time for a record £15M fine. Two partners have also been fined.

The IIA speaks up in favor of increasing regulator’s power and also produced it’s survey results on the COVID effect to IA functions – full story below.

FCA has been under heavy criticism from two quarters this week. Firstly because there have been Zero criminal Money Laundering prosecutions this year and secondly for it’s poor monitoring of the defunct peer to peer investment platform Lendy.

Hope you enjoy this week’s offering…

Many thanks

Paul
In the news this week…
2 DELOITTE PARTNERS FINED

Two Deloitte audit partners fined £500,000 and £250,000 respectively, and Deloitte fined £15M following an investigation into the audit of Autonomy… read more (https://www.frc.org.uk/news/september-2020-(1)/sanctions-against-deloitte-and-two-audit-partners)
EY TO ‘RAISE BAR’ IN SPOTTING FRAUD AFTER WIRECARD ACCOUNTS SCANDAL

EY said on Tuesday it would improve how it verifies information from clients through greater use of technology… read more (https://www.reuters.com/article/idUSL8N2GC3UD)
INTERNAL AUDIT LEADER MAKES CASE FOR REGULATOR WITH REAL POWER

John Wood, CEO of the IIA, argues that now is the time for the government to deliver on its promise of a powerful regulator… read more (https://www.accountancydaily.co/internal-audit-leader-makes-case-regulator-real-power)
HALF OF INTERNAL AUDIT FUNCTIONS AFFECTED BY CORONAVIRUS REDEPLOYMENT

IIA study reveals 46% of internal audit teams have been affected by redeployment during coronavirus lockdown.. read more (https://www.accountancydaily.co/half-internal-audit-functions-affected-coronavirus-redeployment)
JULIUS BAER MAY PAY MILLIONS IN FIFA MATTER, PROPOSES DIVIDEND

Julius Baer is in advanced talks with the U.S. DoJ over alleged money laundering and corruption that could lead to a double-digit million dollar payment, the Swiss private bank said on Wednesday… read more (https://www.reuters.com/article/idUSFWN2GC0UZ)
PHILIPPINES PROBES 57 PERSONS OF INTEREST OVER WIRECARD SCANDAL

The list includes officers at Philippine lenders BDO Unibank Inc BDO.PS and Bank of the Philippine Islands BPI.PS believed to have forged documents to show Wirecard is a depositor… read more (https://www.reuters.com/article/idUSKBN2621A2)
FCA UNDER FIRE AS INVESTORS GATHER NEW EVIDENCE OF LENDY FRAUD

The Financial Conduct Authority (FCA) missed crucial signs that something was amiss at Lendy before the platform collapsed, investors have claimed… read more (https://www.p2pfinancenews.co.uk/2020/09/17/fca-under-fire-as-investors-gather-new-evidence-of-lendy-fraud/)
ANTI-MONEY LAUNDERING: FCA CRITICISED OVER LACK OF ENFORCEMENT

A Freedom of Information request has revealed that no criminal prosecutions have been made under AML legislation this year…. read more (https://www.estateagenttoday.co.uk/breaking-news/2020/9/anti-money-laundering-fca-criticised-over-lack-of-enforcement?source=newsticker)

** 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 11th September 2020

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Hi *|FNAME|*

Much happened in the news this week and more importantly, I’m off for a long weekend, so we’ll dive straight to the news.

Hope you enjoy this week’s offering…

Many thanks

Paul
In the news this week…
FCA – REPORT – 5 CONDUCT QUESTIONS INDUSTRY FEEDBACK 2019-20

It seems Conduct risk is still not well understood … read more (https://www.fca.org.uk/publication/market-studies/5-conduct-questions-industry-feedback-2019-20.pdf)
EU WATCHDOG FLAGS HARDER LINE ON CROSS-BORDER FUNDS MANAGEMENT

Brexit safeguards to stop asset managers in Britain running “shell” investment funds need to be hardwired in law… read more (https://www.fca.org.uk/publication/market-studies/5-conduct-questions-industry-feedback-2019-20.pdf)
INVESTORS LOSE OVER £20M TO INTERNATIONAL PONZI FRAUDSTER
Foreign exchange trader Joseph Lewis pleads guilty to global fraud after collapse of international investment fund… read more (https://international-adviser.com/investors-lose-over-20m-to-international-ponzi-fraudster/)
BRITAIN TO MAINTAIN HIGH BANKING STANDARDS AFTER BREXIT, SAYS BoE

Deputy Governor Sam Woods says standards will remain above international rules… read more
CMA BLOCKS LLOYDS’ UNFAIR TREATMENT OF COVID HIT FIRMS

Watchdog stopped Lloyds forcing SME customers to open business current accounts to access emergency state funding… read more (https://www.reuters.com/article/us-lloyds-cma-idUSKBN25Z1EU)
UK: LLOYDS BANKING GROUP TO CUT 865 JOBS

Lloyds resumes cost-cutting measures post covid… read more (https://uk.reuters.com/article/uk-lloyds-layoffs/britains-lloyds-banking-group-cuts-865-jobs-idUKKBN2601IA)
FCA SECTION 166 PROBES ROCKET BY 73%

There were 59 skilled person reports commissioned by the Financial Conduct Authority over the last 12 months, according to the watchdog’s annual report and accounts…. read more (https://citywire.co.uk/wealth-manager/news/fca-section-166-probes-rocket-by-73/a1399990)
JP MORGAN SHOOK MARKET RISK STRESS TESTS IN Q2

Over the second quarter, JP Morgan changed the start date of its chosen stress period 60 times, having not moved it once over any of the preceding 21 quarters, regulatory filings show…. read more (https://www.risk.net/risk-quantum/7678671/jp-morgan-shook-up-market-risk-stress-tests-in-q2)

** 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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35 New Broad Street
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United Kingdom
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Audit & Governance Weekly Financial News 4th September 2020

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Hi *|FNAME|*

The IIA are going virtual (https://youtu.be/80IB7SeeGfY) for their annual audit conference at the end of the month. The format is a 3D virtual environment, with you’re own avatar…. like the game Simms (in a good way).

The truth about five months of working from home in banking:
‘Apprehension, resentment, cultural decline’… the list continues in Efinancial’s survey results. Most complaints though were unsurprisingly about the endless Zoom calls. As one jaded MandA junior professional puts it:

I’ve been locked into a cycle of “endless Zoom calls and pitchbook preparation”

Moral has been hit hard, “[we’re] working longer than usual and listening to management’s idiotic return-to-the-office theories” (article below)

Finally, for a very quick snapshot of the last few month’s regulatory changes in the UK and EU – National Law review’s Regulatory Round UP (below) is excellent.

I hope you enjoy this week’s offering!

Many thanks

Paul
In the news this week…
INTERNAL AUDIT OF ILLIQUID BONDS – NATIXIS WONT PUBLISH

Regulator tells Natixis subsidiary H2O investments, to freeze funds on valuation uncertainty… read more (https://technocodex.com/h2o-and-the-saga-of-its-illiquid-bonds/)
DANSKE BANK IN NEW PROBE OVER MISLEADING FINANCIAL WATCHDOG

Danske Bank are the target of a new police probe after misleading financial watchdog….read more (https://www.businesslive.co.za/bd/companies/financial-services/2020-09-02-danske-bank-in-new-probe-over-misleading-financial-watchdog/)
UPDATE: GERMAN LAWMAKERS DEMAND ANSWERS OVER WIRECARD COLLAPSE

German lawmakers launched a parliamentary inquiry into the collapse of payments firm… (https://www.reuters.com/article/us-usa-banks-capital-one-fin/capital-one-to-pay-80-million-fine-after-data-breach-idUSKCN2522DA) . (https://uk.reuters.com/article/uk-wirecard-accounts-enquiry-idUKKBN25S4U6) read more (https://uk.reuters.com/article/uk-wirecard-accounts-enquiry-idUKKBN25S4U6)
COMMERZBANK DROP EY AS 2022 AUDITOR IN IN WAKE OF WIRECARD SCANDAL

Commerzbank, the latest company to drop EY as its auditor in the wake of the Wirecard scandal… (https://uk.reuters.com/article/uk-wirecard-accounts-commerzbank-ey/commerzbank-to-drop-ey-as-auditor-from-2022-in-wake-of-wirecard-scandal-idUKKBN25T22F) (https://www.reuters.com/article/us-india-cybersecurity-payments-exclusiv/exclusive-india-found-cybersecurity-lapses-at-national-payments-corp-in-2019-government-document-idUSKCN24V0HB) read more (https://uk.reuters.com/article/uk-wirecard-accounts-commerzbank-ey/commerzbank-to-drop-ey-as-auditor-from-2022-in-wake-of-wirecard-scandal-idUKKBN25T22F)
LEGAL REGULATIONS EU AND UK NEWS ROUNDUP

Regulation Round Up September 2020: PRA, FOS, ESMA, MMF, FCA, FSB, BoE… (https://www.bloomberg.com/news/articles/2020-08-19/billionaire-greensill-s-german-bank-draws-regulatory-scrutiny#:~:text=The%20growth%20of%20the%20Bremen,British%2DIndian%20entrepreneur%20Sanjeev%20Gupta.) read more (https://www.natlawreview.com/article/regulation-round-september-2020) (https://www.infosecurity-magazine.com/news/certificate-of-cloud-auditing/) (https://www.natlawreview.com/article/regulation-round-september-2020)

SWISS REGULATOR ESCALATES ACTION AGAINST CREDIT SUISSE OVER SPYING CLAIMS

Switzerland’s financial supervisor has opened enforcement proceedings against Credit Suisse . (https://www.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/accounting-for-and-auditing-of-digital-assets.pdf) . (https://www.funds-europe.com/digital-advertorials/front-office-outsourcing-to-spike-post-covid-19) read more (https://www.cityam.com/swiss-regulator-starts-action-against-credit-suisse-over-spying-claims/)
EU OMBUDSMAN SAYS BANKING WATCHDOG WILL AVOID ‘DAMAGING’ STAFF MOVES IN FUTURE

The European Union’s banking watchdog has implemented recommendations to avoid further “damaging revolving door” moves. (https://www.lse.co.uk/news/eu-ombudsman-says-banking-watchdog-will-avoid-damaging-staff-moves-in-future-kpzzlttfcdr1dui.html) .. (https://www.centralbanking.com/central-banks/governance/financial-reporting/7658186/lebanese-central-bank-faces-audit-as-crisis-deepens) (https://in.reuters.com/article/us-malta-bank-idINKBN2426I0) read more (https://www.lse.co.uk/news/eu-ombudsman-says-banking-watchdog-will-avoid-damaging-staff-moves-in-future-kpzzlttfcdr1dui.html)
JAPANESE REGULATOR GEARS UP FOR CLIMATE SCENARIO ANALYSIS PILOT FOR BANKS
Japanese financial Services Agency and 2 Degrees Investing Initiative will test top five banks’ resilience to climate risk… (https://www.responsible-investor.com/articles/japanese-regulator-gears-up-for-climate-scenario-analysis-pilot-for-banks) (https://www.cfo.com/strategy/2020/08/work-from-anywhere-future-exposes-holes-in-operational-strategy/) read more (https://www.responsible-investor.com/articles/japanese-regulator-gears-up-for-climate-scenario-analysis-pilot-for-banks)

** 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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** LinkedIn (https://www.linkedin.com/company/fleet-search—selection)
** Website (http://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
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Audit & Governance Weekly Financial News 28th August 2020

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Hi *|FNAME|*

2021 BANKING BONUS
PWC announced global revenues increase by 3% this year (http:// https://moderndiplomacy.eu/2020/08/27/pwc-reports-global-revenues-up-3-to-us43-billion/) and Banks are enjoying strong markets, but what will bonuses look like next year? Reuters summarise the approaches some groups are taking already (https://uk.reuters.com/article/uk-health-coronavirus-finance-pay-analys/banks-in-bonus-balancing-act-as-economies-shrink-but-markets-boom-idUKKBN25M0HE) – thoroughly recommended reading for those concerned their bonus.

Wirecard
Latest on Wirecard: 730 staff and Cheif are axed (https://www-ft-com.libezproxy.open.ac.uk/content/e6d74224-24c6-41a7-bb2c-248e65ccad30) and … allegations of a desperate effort to buy Deutsche bank emerge (see below). Staying with Wirecard, a few weeks ago I highlighted the implied criticism of how audit had failed during the Wirecard scandal… Jan Bouwens, Professor of Accounting, at the University of Amsterdam dissects this very issue, in a letter to the FT this week (see below).

Something for Technology Auditors this week
A new cloud computing audit certificate is created by the ISACA (see below) and ECB release their survey findings (https://www.bankingsupervision.europa.eu/ecb/pub/html/ssm.aroutcomesrepitriskquestionnaire202007~9ed9aaa17d.en.html) on issues facing information and communications technology within Banking. Law firm Pinset Masons summarise the significant ICT risks in their blog on the subject (below).

I hope you enjoy this week’s offering!

Many thanks

Paul
In the news this week…
WIRECARD:
FRANTIC FINAL MONTHS AND A PLAN TO BUY DEUTSCHE BANK

In a frantic final few months “Project Panther” was a plan to buy Deutsche Bank and is seen as a desperate effort to disguise fraud at the German payments group… (https://www.reuters.com/article/us-credit-suisse-results/credit-suisse-to-merge-investment-banking-units-second-quarter-profit-beats-idUSKCN24V0OQ) read more (https://www-ft-com.libezproxy.open.ac.uk/content/6a660a5f-4e8c-41d5-b129-ad5bf9782256)
CREDIT SUISSE UNCOVERS CLIENT FRAUD

Two years after CS was criticized by a regulator in a similar case that rattled the bank and raised questions about controls…. (https://www.theguardian.com/world/2020/aug/03/340m-in-london-law-firms-account-suspected-of-1mdb-connection) (https://www.reuters.com/article/us-health-coronavirus-markets/as-bankers-return-to-the-office-industry-body-warns-of-new-risks-of-bad-conduct-idUSKCN24S0GP) read more (https://www.bloomberg.com/news/articles/2020-08-28/credit-suisse-uncovers-client-fraud-at-wealth-management-unit)

DON’T UNDERPLAY AUDITORS’ ROLE IN FRAUD PREVENTION

Jan Bouwens, Professor of Accounting, Amsterdam Business School, University of Amsterdam, The Netherland…. (https://www.reuters.com/article/us-usa-banks-capital-one-fin/capital-one-to-pay-80-million-fine-after-data-breach-idUSKCN2522DA) read more (https://www-ft-com.libezproxy.open.ac.uk/content/6faf838a-061d-40bc-9287-27e7f745dace)
FT REPORTS – EU IS WEAPONISING MONEY LAUNDERING RULES

European nations felt entitled to dominate the world based on their notions of racial, military and economic superiority… (https://www.reuters.com/article/us-india-cybersecurity-payments-exclusiv/exclusive-india-found-cybersecurity-lapses-at-national-payments-corp-in-2019-government-document-idUSKCN24V0HB) read more (https://www-ft-com.libezproxy.open.ac.uk/content/a9f8ad3e-55f6-42c2-8bda-b08bae5adb37)
IT AUDIT:
NEW CLOUD AUDITING CERTIFICATE

ISACA and Cloud Security Alliance will be bringing CCAK (Certificate of Cloud Auditing Knowledge) to the market [ED They must have a sense of humour using that acronym!]… (https://www.bloomberg.com/news/articles/2020-08-19/billionaire-greensill-s-german-bank-draws-regulatory-scrutiny#:~:text=The%20growth%20of%20the%20Bremen,British%2DIndian%20entrepreneur%20Sanjeev%20Gupta.) read more (https://www.infosecurity-magazine.com/news/certificate-of-cloud-auditing/) (https://www.infosecurity-magazine.com/news/certificate-of-cloud-auditing/)
AUSTRALIA:
INCREASE IN REGULATORY SCRUTINY OF DATA AND CYBER SECURITY

ASIC underlined obligations of financial services providers to manage cyber risk, commencing proceedings against IFA, RI Advice Group . (https://www.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/accounting-for-and-auditing-of-digital-assets.pdf) . (https://www.funds-europe.com/digital-advertorials/front-office-outsourcing-to-spike-post-covid-19) read more (https://www.lexology.com/library/detail.aspx?g=1393b6d5-9257-44df-aa32-b45bf722a6ba)
ALL BANKS CAN LEARN LESSONS FROM ECB ICT RISK SURVEY

Easy reading digest of the European Central Bank findings on the challenges around information and communications technology (ICT) in the Eurozone… (https://www.centralbanking.com/central-banks/governance/financial-reporting/7658186/lebanese-central-bank-faces-audit-as-crisis-deepens) (https://in.reuters.com/article/us-malta-bank-idINKBN2426I0) read more (https://www.pinsentmasons.com/out-law/analysis/banks-learn-lessons-ecb-ict-risk-survey)

NEW CHALLENGES FOR AUDITORS – REMOTE WORKING
Remote working is forcing a rethink of the internal audit process. PCAOB recent meeting of U.S. companies audit committee chairs concluded that remote working risks were by far the biggest concern.. (https://www.cfo.com/strategy/2020/08/work-from-anywhere-future-exposes-holes-in-operational-strategy/) read more (https://www.cfo.com/strategy/2020/08/work-from-anywhere-future-exposes-holes-in-operational-strategy/)

** 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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