Cybersecurity Quality System Paradigm (Part 1)

04 November 2019

by Costanza Matteuzzi & Aldo Pedico

We have undertaken writing this article to illustrate our idea of coining a new definition of Quality System. Remaining in the corporate organizational context, until today, we have associated the canonical definition of Quality with internal processes up to their certification (for example: ISO 9001). With the technological evolution and the risks that derive from it, on the one hand, and the enactment of recent European laws, on the other, the definition of Quality System requires a revision: conceptual (mentality), methodology (procedures), technology (products) and technical (activities or modes of intervention).

Our revision imposes the adaptation, in whole or in part, of the current way of approaching personal and business information processing systems, achieving an adjustment to current and increasingly complex needs. Here, we wanted to demonstrate our new assertion by illustrating and applying the new concepts. This assertion, as described in the following paragraphs, enriches the Quality System with the Cybersecurity value; this value is assigned a position of absolute and of primary importance, to the point of conferring a new and more adequate axiom: Cybersecurity Quality System.

This article will be published in two parts; the second part will be published next week. 

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Juncker Plan has made major impact on EU jobs and growth

29 October 2019

The Investment Plan for Europe, the Juncker Plan, has played a key role in boosting jobs and growth in the EU. Investments by the European Investment Bank (EIB) Group backed by the Juncker Plan’s European Fund for Strategic Investments (EFSI) have increased EU gross domestic product (GDP) by 0.9% and added 1.1 million jobs compared to the baseline scenario. By 2022, the Juncker Plan will have increased EU GDP by 1.8% and added 1.7 million jobs. These are the latest calculations by the Joint Research Centre (JRC) and the Economics Department of the EIB Group, based on financing agreements approved until the end of June 2019.

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Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

EIOPA consults extensively on the Solvency II review

28 October 2019

On 15 October 2019, EIOPA, the European Insurance and Occupational Pensions Authority, published an extensive and long consultation paper (878 pages!) to prepare for the review of the Solvency II framework directive. Since 1 January 2016, about 2800 insurers and reinsurers in the EU apply Solvency II. The directive is up for a selective mandatory review by the Commission by 1 January 2021. Therefore, EIOPA must complete its technical advice in the form of an Opinion to the European Commission by 30 June 2020. The review of Solvency II directive is broad: the consultation covers 19 topics.  Continue reading…

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Turning technology against financial crime

25 October 2019

Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists, talks about the following during here speech: Financial crime and the criminal activity it facilitates causes incalculable damage to society – our joint endeavour is to monitor entry, devise controls and erect barriers powerful enough to stop criminals from causing further harm. New technologies give us unprecedented access to innovative products and services, and flexibility in how we use them. But they also give criminals sophisticated tools to bend the financial system to their own ends. Used to the right ends, these technologies can be gamechangers in the fight against financial crime – both for industry and the regulator.

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Whitepaper

neo4j

The Connected Data Revolution in Financial Risk Reporting

24 October 2019

As governmental regulations tighten, today’s banks must have a thorough and systematic understanding of risk calculations and their associated data lineage—including where underlying data originates and how it flows through enterprise systems. This paper discusses how connected data and graph database technologies are a new way of transforming risk reporting in modern banks to help them meet the stringent demands of risk reporting compliance. Where data governance is key and needs to be addressed, a modern graph approach has proven to be more reliable for risk management than a traditional solution.

At the same time, those forward-looking banks are uniting data silos into an information foundation for building innovative applications. These solutions provide extreme visibility, transparency and deep analytical insights that improve compliance efforts and day-to-day decision making in a more simple and effective way.

Visitors to the Risk & Compliance Platform Europe can download this whitepaper for free. This document is intended for those with a professional interest in risk and / or compliance.

Photo: https://pixabay.com

Revised and strengthened UK Stewardship Code sets new world-leading benchmark

24 October 2019

The Financial Reporting Council (FRC) has launched a substantial and ambitious revision to the UK Stewardship Code. The new Code substantially raises expectations for how money is invested on behalf of UK savers and pensioners. In particular, the new Code establishes a clear benchmark for stewardship as the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.

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