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Audit & Governance Weekly Financial News 12th March 2021

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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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