ECB intensifies its work on a digital euro

05 October 2020
Knowledge Base

The European Central Bank (ECB) recently published a comprehensive report on the possible issuance of a digital euro, prepared by the Eurosystem High-Level Task Force on central bank digital currency (CBDC) and approved by the Governing Council. A digital euro would be an electronic form of central bank money accessible to all citizens and firms – like banknotes, but in a digital form – to make their daily payments in a fast, easy and secure way. It would complement cash, not replace it. The Eurosystem will continue to issue cash in any case. Continue reading…

Personalia

Cedric Tieffi

Senior Compliance Officer specialized in civil and international law
Data Protection Officer, Compliance Officer as well as Internal Auditor
Personalia

Theodoros Kringou

Founder and Managing Director, Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.)
Theodoros Kringou, a self-made entrepreneur is the Founder and Managing Director of Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.).
Personalia

Cécile Louchard-de Barsy

Senior Compliance Officer at Banque Degroof Petercam Luxembourg since september 2020
An innovative Compliance & Forensic pofessional who delivers efficient solutions for both financial and industrial players.
Photo: closeup of some piles of euro coins, against an off-white background, with a blank space on top

Coal, climate change and capital – Part III

02 October 2020
Knowledge Base

by Lieve Lowet

This is the final part of a series of three articles about my investigation into coal, climate change and capital. Ending exposure to coal can benefit (re)insurers in three ways, Moody’s suggested in its 2020 report: they will less likely have to pay damages and legal fees for climate litigation targeting their clients, they can avoid troubled customers who may be tempted to cut corners on maintenance and they can protect themselves from the risk that their investments become “stranded”. Indeed, a lot of attention of (re)insurers and regulators has been going and is currently still going to the investment side (see for example (ironically) Lloyd’s in its 2017 Stranded Assets Report, part of its Emerging Risk series, and Europe’s sustainability package of May 2018).   Continue reading…

Richness of Mongolian contemporary art

01 October 2020

by Tsetsegbadam B.

There has always been a great dialogue in Asia on how contemporary art can find its way between tradition and modernity. In countries of Central Asia which are all unique in a way and have different arts, artistic expression used to be based on traditions. These countries later experienced the rule of the Soviet Union during most of the 20th century. This period has also affected Mongolia – the first communist satellite of the USSR – and particularly its art culture for 70 years. However, the tradition and folk art roots have never vanished from people’s heart.  Continue reading…

Resilience and recovery fund, compliance and capacity building: lessons to be learned from the Marshall Plan

30 September 2020
Knowledge Base

by Massimo Balducci

The amount of resources to be mobilised by the EU Resilience and Recovery Fund (and connected funds) is huge. It is comparable with the amount of resources triggered off by the Marshall Plan after World War II. Compared with the GDP in some countries, the EU will invest more resources than the Marshall Plan did. In the case of Italy, the Marshall Plan invested about 12% of the Italian GDP. The EU will invest around 19% of the Italian GDP in Italy. Will the EU investment have an impact comparable with the one of the Marshall Plan? Or will it mostly be a positive impact and have negative unanticipated consequences that outweighs any positive outcome? Compliance shall possibly be called upon to play a key role to curb any negative unintended outcome. Here, the experience of the Marshall Plan can provide us with a useful frame of reference. A negative (i.e. what should be done differently in comparison to the Marshall Plan) point of reference and a positive one (i.e. what the EU should try to do following the Marshall Plan).   Continue reading…

FCA proposes the next stage of support for consumer credit and overdraft customers

29 September 2020

The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The proposals will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, overdrafts, motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products. During the initial phase of the pandemic, payment deferrals provided consumer credit borrowers with immediate and temporary support. They have helped millions of consumers through the immediate impacts of the current emergency and helped firms provide support at unprecedented scale. Continue reading…

Commission unveils its first Strategic Foresight Report: charting the course towards a more resilient Europe

28 September 2020

Recently, the European Commission adopted its first-ever Strategic Foresight Report, aiming to identify emerging challenges and opportunities to better steer the European Union’s strategic choices. Strategic foresight will inform major policy initiatives. It will support the Commission in designing future-proof policies and legislation that serves both the current needs and longer-term aspirations of European citizens. The 2020 Report presents the rationale for using foresight in EU policy-making, and introduces a comprehensive concept of EU resilience. Continue reading…

Coal, climate change and capital – Part II

25 September 2020
Knowledge Base

by Lieve Lowet

This is the second part in a series of three articles written by me, which focuses on coal, climate change and capital. 

The recent findings of the Coal Policy Tool of Reclaim Finance reveal that indeed, as Sweeney said, managing climate-related risk remains a novel process for many. If insurers and reinsurers want to be part of the solution, more serious action is required beyond divestments and a few pioneers. If a sector is not insurable, it is not bankable. And if it is not bankable, most coal projects cannot be financed and built. The Indian Adani Group’s Carmichael Australian coal mine controversy is a warning. Whereas the European insurers and reinsurers are roughly and broadly speaking ahead of their American, Korean or Japanese counterpart across the five criteria Reclaim Finance examined in underwriting, and the best practice case is a large European insurer, there is still a lot of work to be done by insurers and reinsurers alike to reduce capacity meaningfully and to avoid the liability risk. Continue reading…

Whitepaper

IIA

Risk in Focus 2021: Covid-19 changes the risk profile of the organisation

24 September 2020

Let it be known, Covid-19 has serious consequences for the risk profiles of many organisations and therefore also for the audit plans for 2021. It is therefore not surprising that “Disasters and Crisis responses” has entered new and high in the top 10 hot topics for internal audit. This list of hot topics is included annually in IIA’s Risk in Focus report. Every year, the European Institutes of Internal Auditors join forces to assess the risks Chief Audit Executives foresee for the following calendar year. As the results of the report reveal, for the third year in a row, cybersecurity risks remain at the top. Macroeconomic and geopolitical risks were up 29 percent from last year. The importance of resilience and adaptability is clear from the report. The results of the report are also very valuable for organisations that have to prepare the audit plans for 2021 and it provides a good overview of the challenges ahead in the coming year. As a visitor to the Risk & Compliance Platform Europe, you can download the new Risk in Focus report for free.

Continue reading…

Coal, climate change and capital – Part I

23 September 2020
Knowledge Base

by Lieve Lowet

This blog is the first of a series of three articles written by me about coal, climate change and capital. The articles will be published on three consecutive days. 

When I googled “how relevant is coal for climate change”, the first answer which popped up was “coal is the single biggest contributor to anthropogenic climate change. The burning of coal is responsible for 46% of carbon dioxide emissions worldwide and accounts for 72% of total greenhouse gas (GHG) emissions from the electricity sector.” Phasing out coal from the electricity sector is the single most important step to get in line with the 1.5°C reduction target as laid down in Article 2 of the Paris Agreement. In that context, do insurers and reinsurers want to be part of the problem or part of the solution? Continue reading…