Audit & Governance Weekly Financial News 4th September 2020

Company News

Published on: Friday, September 4, 2020 by Paul Stanbridge

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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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