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* BREAKING * – HUGE CYBERSECURITY RISK IN SMARTPHONES.
Research group Checkpoint has found 400 vulnerabilities in code of Qualcomm Snapdragon digital processor chip. Read the Forbes article here (https://www.forbes.com/sites/daveywinder/2020/08/06/hundreds-of-millions-of-android-phones-can-spy-on-users-as-400-snapdragon-security-flaws-confirmed-qualcomm-google-lg-samsung-oneplus/#68162c2e60b2) . Checkpoint have chosen not to published the full list, but will be discussing it further in their webcast: follow this link for details (https://www.brighttalk.com/webcast/16731/431231) . Time to check staff use of smartphones!
In other news this week, Capital One has been fined a whopping $80M (see below) for the well-publised data breach in 2019. Although Capital One have neither confirmed nor denied the OCC’s findings, for me the report does unduly make internal audit the focus for what perhaps is a bigger issue. So often a failing in one of three LOD’s cascades to other areas, with ultimate responsibility with the board and audit committee. As with Australia’s Westpac, these failings perhaps highlight bigger cultural risk issues.
EY asks How insurers can strengthen controls. (https://www.ey.com/en_gl/financial-services-emeia/how-insurers-can-strengthen-controls-in-a-remote-environment?utm_campaign=5c459da010812400010006d3&utm_content=5f2424c4c90a0800015392df&utm_medium=smarpshare&utm_source=linkedin) Having read a lot of ‘Are you ready COVID’ articles this one is one of the better ones as it goes beyond financial and reporting controls to highlight some thoughtful considerations for operational controls and risks, worth a look for anyone in insurance or Financial Services.
Are third-party Risk programs falling short of regulator expectations? (https://www.complianceweek.com/webcasts/aug-11-third-party-risk-management-are-programs-up-to-scratch/29073.article)
Compliance weekly discuss a few of these issues with a former assistant chief of the US Department of Justice and while collar criminal defense lawyer.
Well worth reading if you are using or are about to use 3rd party Risk services.
– Are programs adequately resourced and empowered?
– Do programs support the risk management of third parties throughout the lifespan of the relationship, or primarily during the onboarding process?
– Is oversight up to regulatory expectations?
– Key points for improvement
– Building a business case for the value of third-party risk management in your organization.
The FCA has compensated a member of the public who they filmed for a video about vulnerability because – wait for it – they included a family in the film without seeking consent.
In other news this week….
BASEL – CONSULTATION ON PRINCIPLES FOR OPERATIONAL RISK RESILIENCE
The BASEL committee consultation covers 7 Principles … (https://www.reuters.com/article/us-credit-suisse-results/credit-suisse-to-merge-investment-banking-units-second-quarter-profit-beats-idUSKCN24V0OQ) read more (https://www.bis.org/press/p200806.htm)
$340M – LAW FIRM SUSPECTED OF LINK TO EMBEZZLED MONEY
Money in London firm Clyde & Co’s account linked to money allegedly embezzled from Malaysian fund.. (https://www.theguardian.com/world/2020/aug/03/340m-in-london-law-firms-account-suspected-of-1mdb-connection) (https://www.reuters.com/article/us-health-coronavirus-markets/as-bankers-return-to-the-office-industry-body-warns-of-new-risks-of-bad-conduct-idUSKCN24S0GP) read more (https://www.theguardian.com/world/2020/aug/03/340m-in-london-law-firms-account-suspected-of-1mdb-connection)
CAPITAL ONE TO PAY $80 MILLION FINE AFTER DATA BREACH
Board failed to act on issues identified by internal audit … (https://www.reuters.com/article/us-usa-banks-capital-one-fin/capital-one-to-pay-80-million-fine-after-data-breach-idUSKCN2522DA) read more (https://www.reuters.com/article/us-usa-banks-capital-one-fin/capital-one-to-pay-80-million-fine-after-data-breach-idUSKCN2522DA)
GERMAN PROSECUTORS SEARCH BANK LOBBY GROUP FOR TAX FRAUD SCANDAL
Public prosecutors raided Berlin and Frankfurt offices of BdB as part of crackdown on multi-billion-euro trade scam .. (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://yournews.com/2020/08/04/1762443/german-public-prosecutors-search-bank-lobby-group-for-evidence-in/)
EURONEXT – CUTTING TRADING DAY NOT STRONG ENOUGH TO REDRESS GENDER IMBALANCE
Euronext reticent to change despite broad backing for a 90-minute cut to the trading days…read more (https://uk.investing.com/news/stock-market-news/euronext-says-case-to-redress-gender-imbalance-by-cutting-trading-day-not-strong-enough-2180014)
FRC PUBLISHES SECOND ANNUAL REVIEW OF FINES AND PENALTIES FOR AUDIT FAILURES
Drastic drop in financial penalties to £11.3million from the £32m record high the year before . . (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.frc.org.uk/getattachment/d299042a-f14f-40eb-8889-7b44818cf53b/Annual-Enforcement-Review.pdf)
NEW SURVEY OF GLOBAL INTERNAL AUDITORS SHOWS CONCERN
34 percent of all organizations were very or extremely concerned about their long-term ability to survive coronavirus crisis… (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://na.theiia.org/periodicals/Public%20Documents/GKB-How-Organizations-Globally-Are-Responding-to-COVID-19.pdf)
REITS / UT’S – NEW FCA RULES ON OPEN-ENDED PROPERTY COULD BE “DEATH KNELL” FOR THE SECTOR
180 day notice period creates undue complications for retail intermediaries… read more (https://portfolio-adviser.com/fca-notice-period-proposals-could-be-the-death-knell-for-retail-property-funds/)
** 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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