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Audit & Governance Weekly Financial News 19th February 2021

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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])

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