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Audit & Governance Weekly Financial News 6th November 2020

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Regular readers will remember Citi’s $400 million enforcement action I reported on 9th Oct., which also ordered the firm to overhaul its risk management and compliance programs. Compliance Week reported on Tuesday that Citigroup’s Chief Risk officer (https://www.complianceweek.com/grapevine/citigroup-chief-risk-officer-to-depart-amid-risk-management-overhaul/29684.article#:~:text=The%20chief%20risk%20officer%20at,firm%20seen%20by%20Compliance%20Week) is now to depart amid a risk management overhaul.

Amongst the wash of usual Money Laundering stories, the Belfast Bank finds new suspects in it’s ongoing investigation & cases of E-Money Laundering increased in Japan (stories below). An Internal Audit review at a $50B Swedish insurer uncovered a large customer data breach… Perhaps a great case study to have in the back pocket next time you’re fighting to get 3rd party technologies audited!

As the UK issued sustainable finance best practice for asset managers this week (https://uk.reuters.com/article/uk-britain-funds-sustainability/uk-issues-sustainable-finance-best-practice-for-asset-managers-idUKKBN27D0YP) , the IIA asks: How can Internal Audit prepare for Climate Change? Not a quick read but the IIA have really produced something great here. I particularly liked the case study from L&G’s Head of Audit – Stephen Licence. Read the Pdf here… https://bit.ly/2U16gKg

And lastly… this Reuters story tickled me – (http:// https://uk.reuters.com/article/uk-usa-election-deutsche-bank-exclusive/exclusive-tired-of-trump-deutsche-bank-games-ways-to-sever-ties-with-the-president-sources-idUKKBN27J0G4) Deutsche Dumps Trump (http:// https://uk.reuters.com/article/uk-usa-election-deutsche-bank-exclusive/exclusive-tired-of-trump-deutsche-bank-games-ways-to-sever-ties-with-the-president-sources-idUKKBN27J0G4) ! Deutsche Bank is considering it’s reputational risk as it looks to sever relationship with President Donald Trump after the U.S. elections, reportedly it tires of the negative publicity. Probably something to do with $340 million in loans outstanding methinks…

Enjoy

Paul
In the news this week…
NEW SUSPECTS IN £16M MONEY LAUNDERING CASE AT BELFAST BANK

Twelve people already charged with roles in depositing bundles of money to be spread across the UK.. (https://www.risk.net/risk-management/7699716/aml-bill-will-swamp-financial-crime-teams-banks-warn) read (https://www.irishnews.com/news/northernirelandnews/2020/11/04/news/further-suspect-in-16-million-laundering-case-2118485/) https://www.irishnews.com/news/northernirelandnews/2020/11/04/news/further-suspect-in-16-million-laundering-case-2118485/more (https://www.irishnews.com/news/northernirelandnews/2020/11/04/news/further-suspect-in-16-million-laundering-case-2118485/)
IIA REVEALS VALUABLE CLUES ON RISKS FOR 2021

IIA’s Richard Chambers proposes 5 key Risks for 2021. Business continuity crisis management and cybersecurity are prominent… read more (http://ow.ly/JQCH30ri2uW)
RISK – WHY MASTERCARD HAS A MARKETING RISK MANAGEMENT FUNCTION

CMO Raja Rajamannar set up MR function three years ago and that decision has paid off during the current pandemic… read more (https://www.warc.com/newsandopinion/news/why-mastercard-has-a-marketing-risk-management-function/44306)

INTERNAL AUDIT UNCOVERS DATA BREACH – 1M AFFECTED

One of Sweden’s largest private insurers accidentally allows tech giants access to private data in a breach affecting up to one million customers, according to a Bloomberg report… read more (https://www.insurancebusinessmag.com/uk/news/cyber/data-breach-at-insurance-firm-affects-up-to-one-million-customers-238060.aspx)
E-MONEY LAUNDERING IN JAPAN NEARLY TRIPLED IN 2019, POLICE SAY

Almost 4,000 cases of suspected money laundering, many of which were linked to e-money transfer providers, were reported to police in 2019 …read more (https://www.japantimes.co.jp/news/2020/11/05/national/crime-legal/e-money-laundering-japan/)
WEAK INTERNAL CONTROLS – JPMORGAN WARNS OF ANOTHER REG FINE
JPMorgan, just weeks after paying a record $920M penalty is facing another potential fine, over IC in wealth management and other areas… read more (https://www.cnbc.com/2020/11/03/jpmorgan-warns-of-another-potential-regulatory-fine-tied-to-weak-internal-controls-at-bank.html)
ESMA SLAMS GERMANY FOR LAPSES IN WIRECARD FRAUD

Germany failed to do enough to avert the Wirecard fraud, says ESMA on Tuesday… (https://uk.reuters.com/article/idUKL1N2HP0K4) read more (https://uk.reuters.com/article/idUKL1N2HP0K4)

MAZARS AND GRANT THORNTON SLAMMED FOR AUDIT QUALITY BY FRC

FRC has branded the quality of major local audits as ‘unacceptable’ and says urgent action is required… read more (https://www.accountancydaily.co/gt-and-mazars-criticised-over-unacceptable-major-local-audit-quality)

** 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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