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Communications = Key Compliance Concern During Covid-19
COVID-19, lockdown, working from home and self-isolation are now well established across the financial industry, but how are compliance teams impacted? A recent survey on market abuse monitoring from SteelEye found that almost half (40%) of the 80 market participants have seen their compliance budgets increase since the lockdown, with monitoring communications seen as the…
Basel IV FRTB Changes Leave Financial Institutions Asking: How Do You Spell Difficult? “F-R-T-B”
By Mahim Mehra, Senior Risk Advisor, AxiomSL. With the original introduction of the Fundamental Review of the Trading Book (FRTB), the Basel Committee on Banking Supervision (BCBS) completely rewrote the rules used to determine how much capital financial institutions must hold in order to adequately capitalize their exposure to market risk. The previous FRTB changes…
West African Development Bank (BOAD) Selects Wolters Kluwer’s OneSumX Solution for Risk Management
BOAD, the common development finance institution of the member countries of the West African Monetary Union (WAMU), specifically selected the Asset and Liability Management (ALM), Liquidity Risk, Market Risk, and Credit Risk components of OneSumX for Risk Management, to monitor performance, profitability and capital adequacy (both regulatory and economic). To assist in the bank’s decision making, the solution will also…
Industry Associations Warn that COVID-19 Could Cause Problems for SRD II
The International Securities Lending Association (ISLA) has joined forces with a multitude of other industry associations to urge a 12-month delay in the implementation of the regulation, laid out in an open letter to the European Commission. Currently scheduled to come into force on 3 September 2020, the regulation is an amendment to SRD I…
PRA Appoints PwC to Investigate Goldman Sachs’ Regulatory Reporting
The UK’s Prudential Regulation Authority (PRA) is believed to have appointed PwC to undertake a “skilled person’s report” on Goldman Sachs to scrutinise the quality of its regulatory reporting out of its London offices. The move comes in response to concerns around its lack of oversight, and the quality of information being supplied to the…
Moody’s to Acquire RDC in GRC Push
Moody’s Corporation has confirmed plans to buy customer screening and KYC/AML data provider Regulatory DataCorp (RDC) for $700 million, from private equity firm Vista Equity Partners. The deal continues Moody’s push into the data and compliance arena following its 2017 acquisition of BvD in a transaction valuing the company at $3 billion. It’s too early…
Are You Keeping Up With The Regulator?
By Dr Bimal Roy Bhanu, Group CEO at Ai XPRT. Not many things in life are certain, but in the financial services industry it’s obvious to all participants that regulators are continually tightening the national and international governance, risk and compliance requirements. The ultimate aim for firms in 2020 is to stay one step ahead…
Expert Group Urges EU Regulatory Reform to Encourage Fintech Innovation
The European Commission Expert Group on Regulatory Obstacles to Financial Innovation has published its long-awaited report on how to improve and strengthen the regional FinTech landscape and encourage greater investment and innovation, along with ending regulatory fragmentation and establishing a more robust regulatory framework. Made up of industry experts, financial institutions, academics and lawyers,…
FSB Weighs In On Risks Inherent In Cloud Adoption For Financial Service
The rapid adoption of cloud computing and data services by financial institutions could raise new implications for financial stability, warns global regulatory body the Financial Stability Board (FSB) – including a lack of transparency when it comes to legal and regulatory compliance. A new report from the FSB released this week highlights potential issues for…
12 Days of Compliance
By Philip Naughton, Partner, ACA Compliance Group. On the first day of Christmas, the industry gave to me…. twelve recurring compliance issues Unfortunately, when it comes to compliance programmes this Christmas, UK financial services firms are still making the same errors, over and over again. Recent compliance reviews carried out by ACA Compliance on financial…