Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

Covid-19 and Solvency II: Buying time and buying data…

28 May 2020

by Lieve Lowet

This blog is the first of a series of three articles written by me concerning the Covid-19 pandemic and Solvency II. The articles will be published on three consecutive days. As could have been expected, once the first implications of the Covid-19 pandemic started to unfold, EIOPA informed the European Commission that it would not deliver its expected advice and its holistic impact assessment on the combined impact of the draft advice for the review of Solvency II by the end of June 2020, but rather by the end of December 2020, six months later than planned. Continue reading…

US mid-term review: 39 million unemployed and near 100,000 dead…

26 May 2020
Knowledge Base

by Michel Klompmaker

Last week, the number of registered unemployed (those claiming benefits) in the USA rose to 39 million. The chairman of the FED expects a further increase in the coming month. Meanwhile, last Sunday, May 24, 2020, the New York Times opens with a more than serious report covering the entire front page. Certainly not fake news. The 6 column heading reads “US DEATHS NEAR 100,000, AN INCALCULABLE LOSS”. The full front page is filled with about a thousand names with short descriptions of deaths from Covid-19 based on obituaries. Only 1 percent of the total. And in the meantime, the president of this country, as a kind of “monkey on the rock”, quietly continues to deal unfairly with mainly female journalists from serious media.. We repeat it again, political risks will be one of the biggest risk factors in the coming years. Continue reading…

IAIS facilitates global coordination on financial stability and policyholder protection during Covid-19 crisis

22 May 2020
Knowledge Base

The Covid-19 pandemic has created a global public health emergency with severe human and economic consequences. Insurance is an essential service at this time of distress, providing protection against the heightened uncertainties created by the pandemic. For insurers to play this role, and to contribute to economic recovery, the stability of the sector is vital. To this end, the IAIS has been closely monitoring developments and actively coordinating with other standard-setting bodies and the Financial Stability Board (FSB) to assess the impact of Covid-19 on the global insurance sector. The IAIS is also committed to supporting the FSB’s recently published principles for ensuring international cooperation and coordination of responses to Covid-19. Moreover, the IAIS is facilitating the sharing of information and discussion among its broad membership on supervisory responses to the impact of Covid-19. Continue reading…

Regxsa brings the ‘human factor’ back in the heart of the AML detection process

20 May 2020

Apparently, in 2012 there was limited information available on money laundering schemes and there were not a lot of cases on the internet. To help the community, Abhishek Dwivedi started the portal and gathered information such as news, case studies and fines related to money laundering and the financing of terrorism across the world. As a company, the primary activity has been in consultancy services, helping banks in advising patterns and behaviors on how their products and services can be abused for money laundering and what kind of controls they should put in place. Though AMLabc as a portal started back in 2012, Regxsa as a rebranding of AMLabc occurred in 2020. We have had the opportunity to talk to CEO of Regxsa and to ask him some specific questions related to anti money laundering. Continue reading…

FSB consults on effective practices for cyber incident response and recovery

19 May 2020

The Financial Stability Board (FSB) recently published a consultation report on Effective Practices for Cyber Incident Response and Recovery, which was sent to G20 Finance Ministers and Central Bank Governors for their virtual meeting. The toolkit of effective practices aims to assist financial institutions in their cyber incident response and recovery activities. Cyber incidents pose a threat to the stability of the global financial system. In recent years, there have been a number of major cyber incidents that have significantly impacted financial institutions and the ecosystems in which they operate. A major cyber incident, if not properly contained, could seriously disrupt financial systems, including critical financial infrastructure, leading to broader financial stability implications. Continue reading…

The European Ombudsman criticizes the European Banking Authority over Adam Farkas’s move to becoming head of a top lobby for the financial sector

18 May 2020
Knowledge Base

The European Ombudsman, Emily O’Reilly, made a statement on May 11 that the European Banking Authority (EBA) should have disallowed Adam Farkas, its previous Executive Director, from assuming the position of CEO of the Association for Financial Markets in Europe (AFME), which is one of the main lobbyist groups of the financial sector. An investigation into this matter was subsequently launched after receiving complaints made by several MEPs and the Change Finance coalition. The European Ombudsman is an independent authority that examines complaints made against the EU. As such, Emily O’Reilly has found that the EBA should have rejected Adam Farkas’s move from the EBA to the AFME. Continue reading…

Mitigating risks and increasing resilience towards infectious diseases

15 May 2020
Knowledge Base

Past events in history have shown that another pandemic may come about some time in the near future. However, there are measures that can be taken to reduce the risks as stated by a newspaper by the Institute of Economic Affairs. As the human population continues to increase, so too will viruses and diseases. Today, there are quite a few outbreaks that have remained and settled permanently among humans, though they have not quite reached the extent of the Covid-19 pandemic. However, when comparing Covid-19 to other major viruses and diseases that have spread, it is relatively moderate. Adding on to a growing population, economic integration, long supply chains, traveling and a change in how health care systems are operated and structured have all made the impact of an infectious disease significantly greater compared to 50-60 years ago. Continue reading…

Fraud as one of the largest audit risks, or the largest problem you don’t want to miss out during audit engagement

13 May 2020
Knowledge Base

by Alex Movchan & Magdalena Wolska

“People show you who they are,
not by what they say, but by what they do.”
Jane Green, British journalist and writer

Probably, every internal auditor, at least once, had a feeling after the end of the audit engagement, that maybe there was something unnoticed, undiscovered, left “behind the curtains”. You start thinking about it, but nothing concrete really comes up on your mind – the interviews were held, reviews performed, testing completed. It looks like everything was examined properly, but the fear of missing something important just does not come out of the mind. Suddenly a thought comes up out of the blue: “And what, if there was a fraud out there?” Right, missing a fraud is the worst nightmare for an internal auditor. Although the Standards don’t put full responsibility of fraud detection on the internal auditors, but as is written in the Standard 1210.A2: “Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization”. What is the trickiest about fraud is that it is like an iceberg – seems to be just a small detail from the first sight, but 95% of an iceberg is hidden beneath the water. And the damage it can cause might be truly unpredictable. If you have any doubts about that, just think about Titanic – the largest ship afloat with 2500 passengers on board, 1 500 of them died, making it one of the deadliest commercial peacetime maritime disasters in modern history. And this tragedy happened because the crew did not manage to identify the iceberg in time. 
Continue reading…

Capgemini : Welcome to the 50,000 Altran employees…

11 May 2020

The French financial market authority (Autorité des marchés financiers – AMF) announced last month that 110,571,163 Altran shares have been tendered in connection with the final reopening of the friendly tender offer of Capgemini for Altran Technologies. Paul Hermelin, Chairman and Chief Executive Officer of the Capgemini Group and Aiman Ezzat (see photo), the next Chief Executive Officer of the Capgemini Group following the May 20, 2020 Annual General Meeting, stated: “We are satisfied with the outcome of this friendly tender offer, whose success allows us to hold more than 98% of the share capital, giving us access to all the value creation levers. We would like to thank all the Altran shareholders who tendered their shares, thus validating the soundness of our strategy and the industrial project we are proposing. Once again, we would like to welcome the 50,000 Altran employees with whom we will be working in order to begin the integration process and to implement synergies.” 
Continue reading…