Audit & Governance Weekly Financial News 24th July 2020

Company News

Published on: Friday, July 24, 2020 by Paul Stanbridge

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** Hi *|FNAME|*

Another leaked Doc [leaked is a bit far fetched as it was reported by the same author long ago this was expected, but it got my attention] EU bans initial margin haircuts, story below.

IIA updates it 3LOD model (see below) and the US IIA president Richard Chalmers steps down… Any US readers fancy taking on his mantle, the IIA are looking for the next CEO now! The UK chapter are also looking to elect councilors in the summer. Fancy giving something back? Apply here (https://www.iia.org.uk/media/1689045/candidate-statement.docx) .

Thinking about running your own risk management tech co.? Risk-management and safety startups are amongst the highest to attract NY VC money (https://www.worldnewj.com/enterprise-tech-startups-focused-on-risk-security-attract-venture-dollars/) since work at home and high-profile cyber attacks.

We know it’s been a hard time for the Big 4, but this is the first I’ve seen of publicised redundancies as KPMG prepare to axe 200 jobs (https://news.sky.com/story/coronavirus-kpmg-takes-axe-to-jobs-and-pensions-as-pandemic-bites-12033807) across it’s UK workforce and cut pension pots, Sky news reports.

Conduct Risk- New approaches
Operational Risk professionals… New approaches to Conduct Risk – A good deal was discussed in Risk.net webinar on the issue. Panelists included; Al Silipigni, Head of Conduct Risk Wells Fargo and Tanya Weisleder, Global head of Conduct Risk Credit Suiss. If you missed it, catch up here (https://www.risk.net/regulation/7658086/rethinking-compliance-new-approaches-to-conduct-risk-and-surveillance) and webinar here (https://www.risk.net/regulation/7536841/rethinking-compliance-new-approaches-to-conduct-risk-and-surveillance-in-2020) .

And lastly…..
The FCA was in the news this week as the CE designate Nikhil Rathi discusses it’s role in promoting diversity [story below] and also for a more unusual reason… the FT reported fraudsters cloned the FCA register website (https://www.ftadviser.com/regulation/2020/07/22/fraudsters-clone-fca-register-and-website/) [I’ve checked it’s now been taken down!].

Enjoy!

Rgds
Paul
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In other news this week….
IIA’S THREE LINES MODEL UPDATED

IIA ditches focus on defense for more collaboration between key players within an organisation … read more (https://global.theiia.org/about/about-internal-auditing/Public%20Documents/Three-Lines-Model-Updated.pdf)
LEAKED DOC: EU BANS INITIAL MARGIN HAIRCUTS TO RESOLVE CCPS

Legislators will forbid resolution authorities from the ability to raid clearing members initial members accounts… read more (https://www.risk.net/regulation/7653806/leaked-doc-eu-bans-initial-margin-haircuts-to-resolve-ccps)
FCA MAY INTERVENE IN HIRING IF INDUSTRY’S ‘DEEP ISSUES’ ON DIVERSITY DON’T IMPROVE

Failure by firms to improve industry record on diversity could lead to FCA intervention in recruitment … read more (https://www.mortgagesolutions.co.uk/news/2020/07/23/fca-could-intervene-in-hiring-processes-if-industrys-deep-issues-on-diversity-do-not-improve/)
CLOUD MISCONFIGURATIONS ARE THE MAJOUR DATA SECURITY RISK SAY IT DECISION MAKERS

Most IT decision makers are extremely concerned about legal and regulatory implications of cloud threats .. read more (https://www.infosecurity-magazine.com/news/cloud-misconfigurations-compliance/)
GRANT THORNTON FACES LEGAL ACTION OVER PATISSERIE VALERIE AUDIT

Decision on whether GT to be taken to court expected to be made in the next few weeks..read more (https://www.cityam.com/grant-thornton-faces-legal-action-over-patisserie-valerie-audit/)
AUDITING DIGITAL ASSETS – SPECIFIC CHALLENGES

Useful guidance from the US as APAC releases document on Accounting and auditing of digital assets. … (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.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/accounting-for-and-auditing-of-digital-assets.pdf)
HOW EUROPE CAN FIGHT MONEY LAUNDERING

Eero Heinäluoma advocates more uniform approach to EU’s AML, in order to fight terrorism and fraud. … (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.theparliamentmagazine.eu/news/article/how-europe-can-fight-money-laundering)
LEBANESE CENTRAL BANK FACES AUDIT AS CRISIS DEEPENS

The government appointed consultants Alvarez & Marsal to carry out audit, after a cabinet meeting on July 21.. read more (https://www.centralbanking.com/central-banks/governance/financial-reporting/7658186/lebanese-central-bank-faces-audit-as-crisis-deepens)

** 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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