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In case you missed it, it’s fraud awareness week this week. Can you spot the behavioral red flags of someone committing fraud? The Fraud Examiners have produced this nice little infographic to help. I guessed five! (link below).
Why insider threat is the biggest Cyber Risk to Financial Services organisations (https://www.globalbankingandfinance.com/why-insider-threat-presents-a-big-risk-to-financial-services-organisations/) .
A survey of 250 CISOs and CIOs in financial institutions cite insider threat, whether intentional or accidental, as the biggest cybersecurity challenge they face. At the same time, a recent ICO report confirms that misdirected email remains one of the UK’s most prominent causes of security incidents.
Corporate Credit Risk and Controls – on the 24th Nov, Fitch Ratings will discuss their qualitative and quantitative thinking on how lapses in Governance at Banks and Corporates are a major Risk when assessing ratings.
– Governance risks will become more ratings relevant in a forward looking rating framework.
– How external expertise can be incorporated (e.g. on financial crime risks) in bank rating assessments
Registration link https://events.fitchratings.com/governanceriskforbanksandcorpo
I hope you enjoy this week’s offering.
In the news this week…
CAN YOU SPOT THE BEHAVIORAL RED FLAGS OF SOMEONE COMMITTING FRAUD?
Fraud Awareness week – everything you need to know in a handy infographic from the Association of Certified Fraud Examiners… read more (https://www.acfe.com/report-to-the-nations/2020/docs/infographic-pdfs/Behavioral%20Red%20Flags%20of%20Fraud.pdf)
BELGIUM’S BIGGEST BANKS PROPOSE SHARING SUSPECTED MONEY LAUNDERING INTEL
The proposal was made at a Belgian parliamentary hearing held in response to the FinCEN Files investigation…. read more (https://www.icij.org/investigations/fincen-files/belgiums-biggest-banks-propose-system-to-share-suspected-money-laundering-information/)
EU DORA LEGISLATION TO CODIFY HOW FINANCIAL FIRMS MANAGE DIGITAL RISK
EU’s DORA regulation explained: New risk management requirements for financial firms…. read more (https://www.csoonline.com/article/3596881/eus-dora-regulation-explained-new-risk-management-requirements-for-financial-firms.html)
FCA TO CENSURE CARILLION FOR ‘RECKLESSLY MISLEADING’ INVESTORS
Watchdog criticised for failing to impose financial penalties two years after firm’s collapse.. read more (https://www.theguardian.com/business/2020/nov/13/fca-to-censure-carillion-bosses-for-misleading-markets-and-investors-collapse)
INTERNAL AUDIT FINDS DELOITTE AWARDED £3.2M COVID CONTRACT FOR WORK IT HAD ALREADY DONE
“Standards of transparency and documentation were not consistently met in the first phase of the pandemic”… read more (https://www.sharecast.com/news/news-and-announcements/uks-nao-hammers-govt-over-failures-in-covid-contract-awards–7716206.html)
PWC TO SELL FINTECH ARM AMID REGULATORY SCRUTINY
Firm sold off and rebranded as LikeZero because of the ‘limitations of PwC continuing to own the software as a result of audit independence requirements’… read more (https://www.finance-monthly.com/2020/11/pwc-to-sell-fintech-arm-amid-regulatory-scrutiny/)
“THE END IS NIGH”: FCA ISSUES CONSULTATIONS REGARDING EXPECTED NEW BENCHMARK
The IBA announced LIBOR for Euro, Sterling, Swiss franc and Yen is to close on Dec. 31st 2021 (IBA is still in discussions regarding the future of US Dollar LIBOR)… read more (https://www.mondaq.com/Article/1007730)
FRC WANTS AUDITORS TO ‘REDOUBLE’ EFFORTS TO IMPROVE QUALITY
Insufficient challenge of the management of audited entities was the most common audit failing identified across all inspections… read more (https://www.accountancydaily.co/frc-wants-auditors-redouble-efforts-improve-quality)
** Hiring for your Internal Audit team?
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
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.
[email protected] (mailto:[email protected])
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.
[email protected] (mailto:[email protected])
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