Audit & Governance Weekly Financial News 25th September 2020

Company News

Published on: Friday, September 25, 2020 by Paul Stanbridge

New email went out to subscribers today: http://eepurl.com/hep1G9*|MC_PREVIEW_TEXT|*

Subscribe (https://fleet-search.us13.list-manage.com/subscribe?u=13d589a9257a929df14b13550&id=072365d2ae)
Past Editions (https://us13.campaign-archive.com/home/?u=13d589a9257a929df14b13550&id=072365d2ae)
Hi *|FNAME|*

This week: Brexit, FCA, VaR, Fitch, Banking, Insurance, Carillion (remember them?) a cornucopia of audit, risk and government activity.

Update – Westpack
I’ve been following the Westpac Money-Laundering, Terror-Financing Breaches for months now. This week its been announced they will pay a Record Penalty of $920 million for breaches including failing to detect transfers that may have been used for child exploitation.

Update – BoE audio hack
First reported in my April 6th post the FCA has now dropped its investigation into the company at the centre of a controversy around the B of E market-sensitive press conference feeds, clashing with the BoE’s assertion that the business had “misused” the feed.

And finally… ‘What chess can teach us about assessing vendor risk, just like aligning chess pieces — Applying the right tools in assessing vendor risk can help protect your most valuable assets’. I enjoy other perspectives, and thought this was a good way of visualising (vendor) risk in a novel way, Thank Mr. Alex Golbin of IHS Market.

Enjoy this weeks edited news below.

Many thanks

Paul
In the news this week…
FCA ISSUES REMINDER TO FIRMS ON HANDLING OF INFORMATION

FCA use anonymised case study to illustrate how criminal insider at advisory firm was tipped off … read more (https://www.pinsentmasons.com/out-law/news/fca-issues-reminder-to-firms-handling-of-information)
FITCH RATING – FCA CRACKDOWN MAY REDUCE NON-LIFE PROFITS

“Radical” reforms to save consumers money could cost motor and home insurers £3.7bn profit dip… read more (https://www.fitchratings.com/research/insurance/fca-crackdown-may-reduce-uk-non-life-insurer-profits-from-4q21-24-09-2020)
MARKET RISK – VAR SPASMS CAUSE HIGHER CHARGES

The eight eurozone global systemically important banks (G-Sibs) report increased charges of one-third over first six months of the year… read more (https://www.risk.net/risk-quantum/7687541/var-spasms-heap-extra-market-risk-charges-on-eurozone-g-sibs)
AI – NASDAQ MAKES PUSH INTO ANTI-MONEY LAUNDERING TECH

Nasdaq launching the AI technology to help banks automate AML investigations, as it expands into the financial crime software market .. read more (https://in.reuters.com/article/nasdaq-technology-idINKBN2671VQ)
EU TO EXTEND ACCESS TO LONDON CLEARING HOUSES TO MID-2022

Proposed reprieve for UK clearing, but Brussels wants EU financial institutions to use the extra time to reduce “exposure to UK market infrastructures”… read more (https://www.ft.com/content/2de23b12-5f77-44db-8e29-c3999491b2e7)
BREXIT – JP MORGAN ‘TO MOVE €200BN ASSETS FROM THE UK TO GERMANY

US banking giant plans to finish the migration of the assets to a Frankfurt-based subsidiary by the end of this year… read more (https://www.cityam.com/jp-morgan-to-move-e200bn-assets-from-the-uk-to-germany-due-to-brexit/)

FUND MANAGERS PUSH BACK ON TIGHTER EU RULES FOR ASSET MANAGERS TO HAVE STAFF ON THE GROUND

Senior fund managers have pushed back against a call from the European Union securities watchdog for tighter rules on where industry officials are located… read more (https://uk.reuters.com/article/uk-britain-eu-regulation-idUKKBN2661XO)
UK WATCHDOG TO ACCUSE KPMG OF BREACHES IN CARILLION AUDIT

Accountancy watchdog delivers initial report of KPMG’s audit of collapsed outsourcer Carillion, indicating a number of breaches…. read more (https://www.cityam.com/uk-watchdog-to-accuse-kpmg-of-breaches-in-carillion-audit/)

** 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)
** Facebook (https://www.facebook.com/fleetsearch/)
** LinkedIn (https://www.linkedin.com/company/fleet-search—selection)
** Website (http://www.fleet-search.com)
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
** Add us to your address book (https://fleet-search.us13.list-manage.com/vcard?u=13d589a9257a929df14b13550&id=072365d2ae)
Want to change how you receive these emails?
You can ** update your preferences (https://fleet-search.us13.list-manage.com/profile?u=13d589a9257a929df14b13550&id=072365d2ae&e=[UNIQID])
or ** unsubscribe from this list (https://fleet-search.us13.list-manage.com/unsubscribe?u=13d589a9257a929df14b13550&id=072365d2ae&e=[UNIQID]&c=18b80005f1)
.