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Audit & Governance Weekly Financial News 5th March 2021

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US readers – registration for the 2021 General Audit Management​ Conference is open. This year they’ve introduced a new theme – ” Internal Audit Recharged: Ready. Relevant. Resilient. ” (https://na.theiia.org/training/conferences/gam/pages/gam-conference.aspx)

Op Risk doesn’t get as much air time as it should, so I welcomed Risk.nets article on the top 10 Ops Risks for 2021 (see below).

I hope you enjoy this week’s offering.

Paul
In the news this week…
INTERNAL AUDIT, COMPLIANCE AND CONTROL SYSTEMS FAILINGS AT GRENKE BANK

Findings of BaFin-commissioned probe finds ‘ineffective process-dependent controls in the internal control system as well as severe findings on the internal audit and compliance organisation.’… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8bmore (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b)
RISK.NET – TOP 10 OPERATIONAL RISKS FOR 2021

The biggest op risks for the year ahead, as chosen by senior industry practitioners. Conduct and resilience risk have both risen, with organisational change and talent risk dropping. Employee wellbeing was the sole new entry… read more (https://www.risk.net/risk-management/7800126/top-10-operational-risks-for-2021)
SECURITIES AND EXCHANGE COMMISSION HAS PUBLISHED ITS 2021 LIST OF EXAMINATION PRIORITIES

The ongoing implementation of Regulation Best Interest gets top billing in the SEC’s recently published 2021 examination priorities list, though recent evidence suggests the regulator’s focus on share class disclosures remains a chief concern… read more (https://www.planadviser.com/reading-secs-2021-enforcement-priorities/)
EBA HIGHLIGHTS KEY MONEY LAUNDERING AND TERRORIST FINANCING RISKS ACROSS THE EU

This week the EBA published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector… read more (https://www.finextra.com/pressarticle/86444/eba-highlights-key-money-laundering-and-terrorist-financing-risks-across-the-eu)

RESEARCH FINDS ANTI-MONEY LAUNDERING DIRECTIVES INCREASE VALUE OF EUROPEAN BANKS

A research paper co-authored by Dr. Henry Balani, academic and Head of Delivery, Customer Success and Support at Encompass Corporation, suggests that the Fourth Anti Money Laundering Directive (4AMLD) has significantly increased the valuation of European banks… read (https://thefintechtimes.com/research-finds-anti-money-laundering-directives-increase-value-of-european-banks/) https://thefintechtimes.com/research-finds-anti-money-laundering-directives-increase-value-of-european-banks/more (https://thefintechtimes.com/research-finds-anti-money-laundering-directives-increase-value-of-european-banks/)
QATAR REGULATOR UNVEILS PLATFORM TO HELP FIGHT MONEY LAUNDERING AND FIN. CRIME

Qatar ramps up AML efforts and anti terrorism finance measures with the launch of a new digital learning platform that raises awareness for the country’s capital markets professionals… read more (https://thefintechtimes.com/qatar-regulator-unveils-platform-to-help-fight-money-laundering-and-financial-crime/)
WOMEN PAID TWO-THIRDS LESS THAN MEN IN TOP FINANCE ROLES – REPORT

Female directors in financial services firms receive 66% less than males, with many in non-executive roles…read more (https://www.theguardian.com/business/2021/mar/01/women-still-earning-two-thirds-less-than-men-top-finance-roles)
THE EFFECT OF SEXUAL HARASSMENT ON INTERNAL AUDIT RISK ASSESSMENTS

Four Categories of High-Risk Environmental Factors… read more (https://www.cpajournal.com/2021/03/04/icymi-the-effect-of-sexual-harassment-on-internal-audit-risk-assessments/)

** 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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