Many Financial Institutions Not Using Operational Risk Management To Challenge Business Models: KPMG And RMA Survey

05 December 2018

Aligning operational risk management (ORM) with strategy could enable strategic change, improve business performance and enhance customers’ experience for financial institutions. However, only half of firms surveyed with less than $250 billion in assets leverage ORM to challenge business models, according to a report by KPMG LLP and The Risk Management Association (RMA). Continue reading…

G20 leaders agree to defend multilateral rules based international order

04 December 2018

European Commission President Jean-Claude Juncker and European Council President Donald Tusk represented the European Union at this year’s G20 Summit, under the Argentinian Presidency in Buenos Aires. Following the two days Summit, G20 leaders agreed to defend a multilateral rules based international order. President Juncker said: “No one country, no one region can do it alone. There is no alternative to multilateral cooperation. This year’s G20 has proven our willingness to forge consensus and address challenges together.” Continue reading…


Palmsecure Biometric authentication solutions

04 December 2018

Marc Strackx spoke about biometrics and security during the International Risk Congress in Brussel in relation to countering Financial Economic Crime. In today’s digitally enabled world, where cybercrime, theft and fraud are on the rise, organizations require the most secure, accurate, and reliable identity authentication methods for data access, physical access, and general security. System’s security has become a challenge with attacks on all fronts – not only externally by outsiders but internally by insider manipulation. The implementation of technological safeguards is, therefore, more vital than ever, but with the dramatic increase in networks, devices, connections, and applications this has become highly complex. Continue reading…

Mark Starling sentenced to 5 years’ imprisonment in FCA prosecution of £3m investment fraud

03 December 2018

Mark Barry Starling, aged 57 of Farnham, Surrey, was today sentenced at Southwark Crown Court to 5 years’ imprisonment for defrauding investors of just under £3 million in relation to unauthorised investment schemes he operated between 2008 and 2017. Over a period of 9 years between 2008 and 2017, Mr Starling purported to run investment funds and obtained investment monies from his friends and acquaintances. They entrusted him with just under £3 million of their money. Continue reading…

FSB reports to G20 Leaders on progress in financial regulatory reforms

30 November 2018

The FSB published its fourth annual report on the implementation and effects of the G20 financial regulatory reforms. Ten years after the crisis, the report highlights the progress made in the reform agenda as the FSB pivots towards implementation and rigorous evaluation. Looking ahead, the report highlights some challenges in promoting a financial system that supports the G20’s objective of strong, sustainable and balanced growth, while preserving open and integrated markets and adapting to rapid technological change. Continue reading…

Why organisations need a Chief Spiritual Officer

29 November 2018

Dina-Perla Portnaar

When I type “Chief Spiritual Officer” in the search bar of LinkedIn, I get 65 hits. Some findings do not even match. All Chief Spiritual Officers come from the US and just one comes from Switserland. I find the results shockingly low and disappointing, because every organization needs a Chief Spiritual Officer to get through all the transitions and to stay future-proof. As long as organizations – and especially the corporate world – laugh about spirituality, do not want to transcend blind greed and do not want to approach mission and vision from a standpoint of soulfulness, we run great risks as a society. As long as we shake off spirituality as whoo-whoo, as long as we only mistakenly link spirituality again and again to religion, ideology or theology, as a society we run great risks.

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ECB Regulation fosters a harmonised definition of default within the Single Supervisory Mechanism

28 November 2018

The European Central Bank (ECB) has published the ECB Regulation on the materiality threshold for credit obligations past due for all significant institutions within the Single Supervisory Mechanism, both for retail and for non-retail exposures, irrespective of the method used for the calculation of capital requirements. The ECB Regulation was approved by the ECB’s Governing Council following a public consultation, including a public hearing. Continue reading…

FSB publishes recommendations on compensation data reporting to address potential misconduct risk

27 November 2018

The Financial Stability Board (FSB) published its finalised Recommendations for national supervisors: Reporting on the use of compensation tools to address potential misconduct risk. The recommendations complement the FSB’s the Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Practices by setting out the types of data that can support improved monitoring by supervisory authorities on the use of compensation tools to address misconduct risk in significant financial institutions. Continue reading…

FCA launches further consultations ahead of the UK’s exit from the EU

26 November 2018

The Financial Conduct Authority (FCA) published a further consultation on its approach to the UK’s exit from the EU. Today’s paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period. The FCA is working to ensure as smooth a transition as possible as the UK prepares to leave the European Union. Earlier this year, we set out the FCA’s role in preparing for Brexit. This consultation, along with those published in October, is an important part of this work. Continue reading…