Thoughts, and Observations

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…

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…

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…

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…

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…

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…

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)…

JPMorgan faces possible fine related to internal controls

12th Nov, 2020

A JPMorgan Chase & Co. subsidiary is facing a potential regulatory fine over poor internal risk controls. The potential fine was related to issues with…

North American banks pay high price for governance failings

11th Nov, 2020

Broadening public awareness has made ESG topics relevant for banks, and is expected to be increasingly relevant in the context of risk management policies and…

Australian productivity commission releases Regtech information paper

10th Nov, 2020

The Australian Productivity Commission recently released an information paper intended to promote consideration of opportunities to improve regulatory administration and compliance through technology. The report…

A government agency just paid a record $114 million to an anonymous whistleblower

9th Nov, 2020

More than doubling any previous whistleblower award record, the US Securities and Exchange Commission (SEC) has awarded $114 million to a whistleblower who provided the…

UK Financial conduct authority launches misconduct investigation

6th Nov, 2020

The UK’s Financial Conduct Authority (FCA) is investigating 14 firms and six individuals for their role in the so-called “Cum-Ex” tax fraud scandal. The firms…

How to end corporate Australia’s culture crisis

5th Nov, 2020

Engaging in or mismanaging poor behavior in Australia’s board rooms and c-suites has led to the downfall of Rio Tinto CEO Jean Sebastien Jacques, QBE…

Only three countries account for 97% of total bank fines issued in 2020

4th Nov, 2020

Just three countries account for almost all the bank fines issued thus far in 2020. Data from the Finbold Bank Fines Report 2020 showed that…

Why G is dominating the ESG debate among asset managers

3rd Nov, 2020

A report from Russell Investments argues that, when making ESG assessments, Governance far outstrips Environmental and Social factors for asset managers. The report, entitled ‘2020…

The world’s biggest sovereign-wealth fund wants to rid itself of poor ESG performers

2nd Nov, 2020

The head of Norway’s $1 trillion oil fund said it should sell out of companies that perform badly on environmental, social, and governance (ESG) issues…

FSB report highlights increased use of Regtech and Suptech

30th Oct, 2020

The Financial Stability Board has published a new report on the use of SupTech and RegTech among central banks, bank regulators, and firms worldwide. The…

Morgan Stanley sounds the WFH conduct alarm

29th Oct, 2020

With many bankers and traders working remotely due to pandemic-driven Work From Home orders, it’s crucial that financial firms are mindful of their electronic communications…

Jail bankers who allow money laundering, top democrat in U.S. Senate banking committee says in wake of FinCEN files

28th Oct, 2020

Sen. Sherrod Brown calls for criminally prosecuting executives who profit from moving money for criminals.“I think if some bankers go to jail, that stuff stops…

Goldman Sachs agrees to record $2.9 billion DOJ settlement, admits wrongdoing in embezzlement scandal

27th Oct, 2020

Goldman Sachs has agreed to pay $2.9 billion and admit wrongdoing for its involvement in the plundering of an economic development fund meant to benefit…

Westpac flags $1.2b hit to earnings on misconduct costs, write-downs

26th Oct, 2020

The Australian Federal Court has just agreed that the country’s second largest bank, Westpac, should pay a fine of $1.3 billion — the largest civil…

CITI’s Corbat asked to prove his bank isn’t the next Wells Fargo

23rd Oct, 2020

The recent news surrounding Citigroup has investors and analysts feeling anxious that the bank is in for a round of regulatory oversight similar to that…

JP Morgan fined $920m for risk management failure

19th Oct, 2020

A recent Deferred Prosecution Agreement (DPA) with the US Department of Justice saw JPMorgan fined and chastised for failure to manage operational risk. Terms of…