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Observations

Firms and regulators in every major market are asking how their culture can work to optimize performance outcomes and mitigate risks — or the reverse. The stories we observe here highlight global trends among those who are succeeding and those who are struggling, with attention to lessons being learned along the way.

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SEC to Step up Enforcement Efforts

16th Feb, 2021

The U.S. Securities and Exchange Commission (SEC) will give enforcement staff greater powers to launch investigations at firms, in a sign that the agency plans…

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Regtech Initiatives at Australia’s ASIC

16th Feb, 2021

In a recent report, the Australian Securities & Investments Commission (ASIC) explores how the RegTech market is developing in terms of speed, size, and capability…

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Credit Suisse Accused of Willful Blindness to Fraud

16th Feb, 2021

Bank regulators show little patience with willful blindness to misconduct. In a recent example, Swiss regulators have sanctioned Credit Suisse, where executives appear to have…

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Wirecard Scandal Drives Reform of German Bank Regulator

15th Feb, 2021

As part of a wide-ranging reform triggered by the Wirecard scandal, Germany will create a special financial task force responsible for forensic audits of companies…

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UK Directors Face Tough New Liability Rules

12th Feb, 2021

Directors will be held personally responsible for the accuracy of their company’s financial statements — and may face punitive fines and industry bans in the…

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Citi: New Team to address Risk & Accountability

11th Feb, 2021

Jane Fraser, incoming chief executive at Citi, has created a new global operating team aimed at improving risk management and individual accountability among its top…

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AML/CFT: RegTech Case Studies from the Hong Kong Monetary Authority

27th Jan, 2021

The Hong Kong Monetary Authority (HKMA) recently published a new report highlighting the opportunities that RegTech offers to transform the effectiveness and efficiency of AML/CFT…

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Companies Brace Themselves for New ESG Regulations Under Biden

22nd Jan, 2021

Image credit Companies are bracing for more robust regulation under the incoming Biden administration, and most can expect new requirements in financial disclosures, specifically relating…

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Singapore’s SGX RegCo to Focus on Shaping Culture

18th Jan, 2021

The right goal for a regulator is to shape a marketplace where the regulator’s presence is hardly felt or necessary and — for this &mdash…

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The UK FCA’s Jonathan Davidson on culture, risk and purpose

22nd Dec, 2020

Photo credit In a recent speech, Jonathan Davidson — the FCA’s outgoing executive director of supervision — discussed the topic of “purposeful culture.” Davidson noted…

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Hong Kong: Expect to see Regtech adoption in the new year

18th Dec, 2020

As Covid-19 continues to transform business and operating models, the application of regulatory technology – or ‘Regtech’ – will present significant growth opportunities for banks…

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Singapore has to raise auditing standards, says MAS chief

11th Dec, 2020

Singapore needs to raise its auditing and accounting standards to boost the nation’s environmental, social and governance (ESG) credibility following a series of corporate scandals…

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Poor risk governance leads to scathing rebuke for Westpac

9th Dec, 2020

In an excoriating nine-page Enforceable Undertaking (EU), signed by Westpac chairman John McFarlane and chief executive Peter King, the Australian Prudential Regulation Authority (APRA) said…

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Managing Complexity: Ed and Peter Schein on Culture

8th Dec, 2020

In a recent interview, the renowned organizational psychologists Ed and Peter Schein discussed their thoughts on leadership and corporate culture. Ed made the point that…

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JP Morgan fined for risk management failures

30th Nov, 2020

JPMorgan Chase & Co has agreed to pay $250 million for risk management and other control failings, in the second penalty for the bank in…

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COSO: break down silos to manage risk

27th Nov, 2020

Photo credit The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently issued voluntary guidance aimed at helping boards, executives and lower-level managers better…

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Conduct and culture in the Covid era

25th Nov, 2020

Photo credit Anna Bligh, Chief Executive of the Australian Banking Association commented on the state of culture and conduct during the Covid-19 pandemic in a…

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The impact of the pandemic on cultural capital in the finance industry

23rd Nov, 2020

Photo credit On November 16th, Kevin Stiroh, Executive Vice President of the Federal Reserve Bank of New York, delivered a speech regarding the impact of…

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Cosy audit relationships challenged under 10-year rule

20th Nov, 2020

Australian companies may be forced to put their audit work up for tender, or explain to investors why they won’t open up the role to…

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Underinvestment in data, tech a root cause of breaches: ASIC

18th Nov, 2020

Photo credit Australian Securities and Investments Commission (ASIC) commissioner Sean Hughes has highlighted data and technology systems as a key area where financial institutions need…

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Evidence of PPP fraud mounts, officials say

16th Nov, 2020

Photo credit According to US officials and public data, the government is swamped with reports of potential fraud in the Paycheck Protection Program, casting a…

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Bank culture in 2020 – regulatory expectations and developments in Hong Kong and Singapore

13th Nov, 2020

In 2020, regulators in Hong Kong and Singapore continue to strengthen their focus on culture and conduct initiatives. Both the Hong Kong Monetary Authority (HKMA)…