New email went out to subscribers today:

Unfortunately, Goldman Sachs has failed to persuade former President Gary Cohn to return over $10 million he received in pay, as part of the bank’s effort to reclaim executive compensation over the 1MDB scandal [full story below]. This relates back to U.S. foreign bribery rules of more than $2B in new sanctions for siphoning off billions of dollars collected for the economic development of Malaysia (see my blog post on 23rd Oct for details).

For the External Auditors and Finance Auditors amongst our readers, the US Journal of Accountancy published some helpful guidance on Auditing Fraud Risk during a pandemic, https://bit.ly/36GOxPv

And finally…. Sky news reports that The Bank of England was told to find… ‘missing’ £50bn cash stash. Meg Hillier, Chairwoman of the Public Accounts Committee said the BofE doesn’t have “…any real understanding of where around £50bn of issued sterling notes are”. Cash is king after all! [story below].

I hope you enjoy this week’s offering.

Paul
In the news this week…
EX-GOLDMAN SACHS PRESIDENT NOT RETURNED PAY AFTER 1MDB CLAWBACKS

Goldman Sachs has failed to persuade former President Gary Cohn to return over $10 million he received in pay, as part of efforts to reclaim executive compensation… read more (https://uk.reuters.com/article/uk-goldmansachs-1mdb-settlement/ex-goldman-sachs-president-cohn-has-not-returned-pay-after-1mdb-clawbacks-bloomberg-news-idUKKBN28C2U7)
BANK OF ENGLAND TOLD TO FIND OUT WHERE ‘MISSING’ £50BN IN CASH IS ‘STASHED’

The Bank estimates that up to 24% of issued notes are used or held for cash transactions – which leaves £50bn unaccounted for… read more (https://news.sky.com/story/bank-of-england-told-to-find-out-where-missing-50bn-in-cash-is-stashed-12150622)
REPORTING ON THE NEW CORPORATE GOVERNANCE CODE IS A MIXED PICTURE

The FRC’s Corporate Governance Code revisions emphase the wider benefits of good governance for the economy and society, but some companies treat the Code as a box-ticking exercise… (https://legal.thomsonreuters.com/blog/synthetic-identity-fraud-worrying-u-s-regulators/) read more (https://www.frc.org.uk/news/november-2020/reporting-on-the-new-corporate-governance-code-is)
UK’S BIG FOUR AUDITORS AWAIT SHAKE-UP AS PROBES AND REG CHANGE ADD UP

A good summary from Risk Screen on exactly where things are with the separation of audit and consulting activities, increasing oversight and competition for the Big 4… read more (https://www.riskscreen.com/kyc360/news/uks-big-four-auditors-await-shake-up-as-corruption-probes-add-up/)
ALGO TRADING: WHY CENTRAL BANKS AREN’T WORRIED ABOUT FX ALGOS… FOR NOW

Disclosure failings feed into FX code; other issues are worrying, but distant says SNB’s Maechler… read more (https://www.risk.net/investing/markets/7718661/why-central-banks-arent-worried-about-fx-algos-for-now)
LEVERAGING THE DARK WEB IN FINANCIAL CRIME INVESTIGATIONS

Safely using the Dark Web in Financial Crime Investigations: Audit and Policy Control: Isolation; Managed Attribution…. read more (https://blog.authentic8.com/leveraging-the-dark-web-in-financial-crime-investigations/)
PROPOSED CONSULTATION ON CESSATION OF US$ LIBOR

FCA / IBA announced that it will consult in early December on its intention to cease US$ LIBOR. The IBA intends, subject to consultation, that settings for 1W and 2M US$ LIBOR will cease at end-2021, and the US$ LIBOR panel at the end-June 2023… read more (https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor)
FINANCIAL ADVISORS – FCA WARNS OF SIGNIFICANT ADVICE PRICE CLUSTERING

In its evaluation of the market over the past two years the FCA found a “significant clustering” of adviser charges. The FCA is expected to carry out more work in the market during the first half of next year… read more (https://www.ftadviser.com/regulation/2020/12/03/fca-warns-of-significant-advice-price-clustering/)

** 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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TFS- ICAP were fined “£3.44m” by the FCA this week (storey below) for misconduct. Interestingly, not only were there “shortcomings in its oversight” and compliance arrangements, it also seems TFS-ICAP were trying to obfuscate the practice. The FCA investigation had to “establish the existence of a practice that was opaque and unrecorded in any of TFS-ICAP’s records”… Mark Steward, ED of Enforcement and Market Oversight, gave a warning to the market saying:

“The market should also take notice that the opacity of such practices, while forensically challenging, is no bar to action either.”

Also this week JPMC were fined $250M for ‘inadequate internal controls…’ (story below). JPMC say “…we have invested significantly in and enhanced our controls platform over the last several years to address the issues identified”. This is the second time in two months that the bank agreed to pay settlements to U.S. regulators. In late September, they agreed to pay $920M to three federal agencies over its role in the manipulation of global markets for metals and U.S. Treasurys. Let’s not forget however that last month JP Morgan’s net income rose to $9.44bn from $9.1bn a year earlier.

And lastly… [this is gold!] leaked emails to Cityam show that TfL suggest an Internal Audit report should become a SWOT to water down findings. You couldn’t make it up!

Worth a full read, but the highlight for me was the comment that by turning the internal audit report into a SWOT… “the areas of effective control will be strengths, and the issues will end up being opportunities for improvement”. For your convenience and amusement here’s the screen shot of the email https://www.cityam.com/wp-content/uploads/2020/11/Screenshot-2020-11-24-at-19.35.33-1.png

Full story: https://www.cityam.com/exclusive-tfl-officials-watered-down-croydon-tram-safety-audit-to-placate-first-group/

I hope you enjoy this week’s offering.

Paul
In the news this week…
TFS-ICAP
FINED £3.44M FOR MARKET MISCONDUCT

FCA fined the FX Options Broker, £3.44m providing misleading information to clients by ‘printing’ trades… read more (https://www.fca.org.uk/news/press-releases/fca-fines-tfs-icap-market-misconduct)
JPMC PAY $250 MILLION FOR ‘CONTROL’ FAILINGS

The OCC said JPMorgan operated a weak management and control framework for its fiduciary activities within the AM&W businesses and had an insufficient audit program and inadequate internal controls… read more (https://uk.reuters.com/article/idUKKBN2842LM)
SYNTHETIC IDENTITY FRAUD WORRYING U.S. REGULATORS

Synthetic identity fraud becomes an increasing concern for regulators, as banks struggle to find common ways of tackling the innovative theft technique that combines real and fictitious data… read more (https://legal.thomsonreuters.com/blog/synthetic-identity-fraud-worrying-u-s-regulators/)
CSIS ALLEGES IRAN USED TORONTO COMPANY TO WIRE MILLIONS TO CANADA DESPITE SANCTIONS

A Toronto currency exchange business secretly helped Iran wire millions of dollars into Canada in violation of sanctions… read more (https://globalnews.ca/news/7468366/csis-iran-toronto-company-millions-canada-sanctions/)
GT AUDIT HIT WITH LAWSUIT OVER PATISSERIE VALERIE COLLAPSE

Administrators launch claim for damages against Grant Thornton in respect of negligent audits of ‘financial statements for the financial periods 30 Sept 2014 – Sept 2017… read more (https://www.fnlondon.com/articles/grant-thornton-hit-with-lawsuit-over-collapse-of-patisserie-valerie-20201120)
CALL FOR THREE-YEAR BAN ON EY BIDDING ON PUBLIC CONTRACTS

Anti-corruption group claims ‘recurring professional misconduct’ should preclude the auditor from future business… read more (https://financial24.co.uk/call-for-three-year-ban-on-ey-bidding-on-public-contracts/)
AUSSIE BANKS AND WEALTH FIRMS TOLD TO BOLSTER INTERNAL AUDIT AND RISK CULTURE

The Australian IIA’s new practice guide calls for the scope of internal auditor teams to be “unrestricted and organisationwide”, staffed by senior people able to challenge management. It flags a continuous auditing function that examines behavioural traits… read more (https://www.afr.com/companies/financial-services/banks-wealth-firms-told-to-bolster-internal-policing-of-risk-culture-20201125-p56hqv)
CYBER RISK: “THE INTERNAL AUDIT FUNCTION SHOULD BE THE EYES AND EARS OF THE BOARD INTO THEIR ORGANISATIONS“

The Australian Prudential Authority (APRA), said many audit committees within the industry failed to act and struggled to interpret the severity of cyber risk findings compared to other areas of the business… read more (https://www.bankingday.com/bank-cyber-calamity-too-close-for-comfort)

** 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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In case you missed it, it’s fraud awareness week this week. Can you spot the behavioral red flags of someone committing fraud? The Fraud Examiners have produced this nice little infographic to help. I guessed five! (link below).

Why insider threat is the biggest Cyber Risk to Financial Services organisations (https://www.globalbankingandfinance.com/why-insider-threat-presents-a-big-risk-to-financial-services-organisations/) .
A survey of 250 CISOs and CIOs in financial institutions cite insider threat, whether intentional or accidental, as the biggest cybersecurity challenge they face. At the same time, a recent ICO report confirms that misdirected email remains one of the UK’s most prominent causes of security incidents.

Corporate Credit Risk and Controls – on the 24th Nov, Fitch Ratings will discuss their qualitative and quantitative thinking on how lapses in Governance at Banks and Corporates are a major Risk when assessing ratings.

Discussion includes:

– Governance risks will become more ratings relevant in a forward looking rating framework.
– How external expertise can be incorporated (e.g. on financial crime risks) in bank rating assessments

Registration link https://events.fitchratings.com/governanceriskforbanksandcorpo

I hope you enjoy this week’s offering.

Paul
In the news this week…
CAN YOU SPOT THE BEHAVIORAL RED FLAGS OF SOMEONE COMMITTING FRAUD?

Fraud Awareness week – everything you need to know in a handy infographic from the Association of Certified Fraud Examiners… read more (https://www.acfe.com/report-to-the-nations/2020/docs/infographic-pdfs/Behavioral%20Red%20Flags%20of%20Fraud.pdf)
BELGIUM’S BIGGEST BANKS PROPOSE SHARING SUSPECTED MONEY LAUNDERING INTEL

The proposal was made at a Belgian parliamentary hearing held in response to the FinCEN Files investigation…. read more (https://www.icij.org/investigations/fincen-files/belgiums-biggest-banks-propose-system-to-share-suspected-money-laundering-information/)

EU DORA LEGISLATION TO CODIFY HOW FINANCIAL FIRMS MANAGE DIGITAL RISK

EU’s DORA regulation explained: New risk management requirements for financial firms…. read more (https://www.csoonline.com/article/3596881/eus-dora-regulation-explained-new-risk-management-requirements-for-financial-firms.html)

FCA TO CENSURE CARILLION FOR ‘RECKLESSLY MISLEADING’ INVESTORS

Watchdog criticised for failing to impose financial penalties two years after firm’s collapse.. read more (https://www.theguardian.com/business/2020/nov/13/fca-to-censure-carillion-bosses-for-misleading-markets-and-investors-collapse)

INTERNAL AUDIT FINDS DELOITTE AWARDED £3.2M COVID CONTRACT FOR WORK IT HAD ALREADY DONE

“Standards of transparency and documentation were not consistently met in the first phase of the pandemic”… read more (https://www.sharecast.com/news/news-and-announcements/uks-nao-hammers-govt-over-failures-in-covid-contract-awards–7716206.html)
PWC TO SELL FINTECH ARM AMID REGULATORY SCRUTINY

Firm sold off and rebranded as LikeZero because of the ‘limitations of PwC continuing to own the software as a result of audit independence requirements’… read more (https://www.finance-monthly.com/2020/11/pwc-to-sell-fintech-arm-amid-regulatory-scrutiny/)
“THE END IS NIGH”: FCA ISSUES CONSULTATIONS REGARDING EXPECTED NEW BENCHMARK

The IBA announced LIBOR for Euro, Sterling, Swiss franc and Yen is to close on Dec. 31st 2021 (IBA is still in discussions regarding the future of US Dollar LIBOR)… read more (https://www.mondaq.com/Article/1007730)
FRC WANTS AUDITORS TO ‘REDOUBLE’ EFFORTS TO IMPROVE QUALITY

Insufficient challenge of the management of audited entities was the most common audit failing identified across all inspections… read more (https://www.accountancydaily.co/frc-wants-auditors-redouble-efforts-improve-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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EXCLUSIVE: Is the Internal Audit Market Picking Up?
We’ve been casting an eye over the vacancy data for financial services Internal Audit Markets, and whilst vacancy volumes are still lower than previous years for the quarter, candidate availability has started to fall. Looking at the wider finance market, salaries were significantly reduced and wage deflation in the contract market has eased. As counterintuitive as it might seem, it’s a good thing that candidate availability is low, as more vacancies can be expected to hit the external markets and competition will increase salaries. We are slowly moving back into candidate driven market territory for FS Internal Audit.

Other Highlights this week:

Kodak – Business Insider reports faulty internal controls (https://markets.businessinsider.com/news/stocks/former-kodak-executives-sold-stock-options-never-owned-internal-error-2020-11-1029793461) allowed former executives to make more than $5 million selling options. Five former employees exercised roughly 300,000 in options that they only received through “inadequate” controls and “unauthorized issuance,” Chief Financial Officer David Bullwinkle said in a Tuesday earnings call.

Sadly GE announced that it is winding down its well respected Internal Audit executive program. This will be a blow to those that went through the ‘Green Beret’ programme that gained so much from what a controls role can offer future leaders. Business Insider reports that an amazing 80% of GE’s top CFOs were CAS program members (report below).

And finally…. I’ve not mentioned Wirecard for at least a week, so I’m well overdue… Bloomberg’s Eyk Henning and Benedikt Kammel have penned an enjoyable literary piece in Risk Screen, on the fugitive Wirecard board member, Jan Marselek: ‘The man who could explain the $2 billion Wirecard mystery is missing’ – well worth the read (story below).

I hope you enjoy this week’s offering.

Paul
In the news this week…
AUDIT FAILURES, DELOITTE FINED £500,000

FRC imposes £362,500 discounted penalty for admissions and early disposal; breaches “not intentional, dishonest, deliberate or reckless.” .. (https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.html) read (https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.html) https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.htmlmore (https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.html)

AUDIT COMMITTEE – BEST PRACTICES FOR ACTING ON CYBER-THREATS

Compliance Week discusses Cyber-Security Risk Oversight as the area with the greatest increase in Audit Committee disclosures in proxy statements… read more (https://www.complianceweek.com/accounting-and-auditing/audit-committee-best-practices-for-understanding-and-acting-on-cyber-threats/29697.article)
GE DISBANDS CORPORATE AUDIT PROGRAM

The company’s renowned program that was a ‘proving ground’ for young executives has been disbanded… read more (https://www.thebritishjournal.com/world/ge-disbands-corporate-audit-program-thebritishjournal-243443-2020/)

THE MAN WHO COULD EXPLAIN THE $2 BILLION WIRECARD MYSTERY IS MISSING

COO Jan Marsalek still missing in Germany’s biggest corporate scandal… read more (https://www.riskscreen.com/kyc360/news/the-man-who-could-explain-the-2-billion-wirecard-mystery-is-missing/)

CORPORATE GOVERNANCE DISCLOSURES – FCA PRIMARY MARKET BULLETIN

Update on the implementation of the ESEF, temporary corporate reporting measures, delayed disclosure of inside information notifications and corp governance … (https://www.japantimes.co.jp/news/2020/11/05/national/crime-legal/e-money-laundering-japan/) read more (https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-31)
MORE DATA, MORE PROBLEMS WITH FINCEN INTERNATIONAL TRANSFER PROPOSAL?

US: Compliance Week discusses the FinCERN and Fed’s proposal of lowering reporting on wire transfers from $3000 to transactions over $250…. read more (https://www.complianceweek.com/opinion/more-data-more-problems-with-fincen-international-transfer-proposal/29715.article)
UK TO MAKE CLIMATE RISK REPORTS MANDATORY FOR LARGE COMPANIES

Large companies and financial institutions in the UK will have to come clean about their exposure to climate risks within five years under the terms of a tougher regime announced by the Chancellor, Rishi Sunak… (https://uk.reuters.com/article/idUKL1N2HP0K4) read more (https://www.theguardian.com/environment/2020/nov/09/uk-to-make-climate-risk-reports-mandatory-for-large-companies)
PSD2 – FURTHER DELAYS AS UK LAGS BEHIND EUROPEAN COMPLIANCE

The deadline for PSD2 SCA has been extended due to COVID-19, the whole industry needs more time to enable systems and controls for compliance with SCA… read more (https://www.infosecurity-magazine.com/news-features/psd2-delays-compliance/)

** 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])

============================================================
** Twitter (https://twitter.com/fleetsearch?lang=en-gb)
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** LinkedIn (https://www.linkedin.com/company/fleet-search—selection)
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Copyright © 2020 Fleet Search + Selection, All rights reserved.
You previously expressed an interest in our information.
Our mailing address is:
Fleet Search and Selection Limited
35 New Broad Street
London, EC2M 1NH
United Kingdom
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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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