April 20, 2021
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Internal Audit Watch
The impending departure of Chief Risk Officer Stuart Lewis has Deutsche Bank restructuring its compliance function. Chief Administrative Officer Stefan Simon will oversee the anti-financial-crime and compliance functions.
Full Story: Bloomberg (3/29),  The Wall Street Journal (3/30) 
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The State of Risk Management 2021
Sixty-seven percent of auditors believe lack of awareness is the biggest challenge to starting or maturing their ERM program. The State of Risk Management: A Tipping Point for Digitization collects key findings on top risks, challenges, and opportunities today and in 2030. Get the 2021 report to find out why digitizing now is critical to address current and future risks. Get the report.
Risk Management
The Basel Committee on Banking Supervision has released its Principles for Operational Resilience, which are designed to help banks withstand severe adverse events. The goal is to protect banks "from threats and potential failures, respond and adapt to, as well as recover and learn from disruptive events in order to minimize their impact on the delivery of critical operations through disruption," the committee said.
Full Story: Bank for International Settlements (3/31),  Forbes (tiered subscription model) (4/3) 
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Citigroup is expanding coronavirus testing to ensure the safety of workers returning to the bank's London headquarters, sources say. A thrice-weekly test reportedly is mandatory for employees working at the office.
Full Story: Financial News (UK) (tiered subscription model) (4/9) 
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Improving Your Risk Posture in 2021
Overwhelmed by the volume of manual effort required to manage global oversight of your enterprise risk management program? So was the 2nd largest global money transfer business. Learn how they smartly deployed automation to increase operational efficiency while decreasing their risk exposure. Full story.
Regulation & Compliance
The Securities and Exchange Commission has found inconsistencies, shortcomings in compliance and inadequate documentation in firms' disclosure of environmental, social and governance investments. The SEC has issued a risk alert stating firms must ensure consistent compliance across departments and accuracy in public communication on ESG investments.
Full Story: Financial Advisor IQ (4/12),  WealthManagement (4/12),  Reuters (4/12) 
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The House has voted 321-101 to approve the Secure and Fair Enforcement Banking Act, which would let banks do business with legal cannabis companies without violating federal law. A companion bill with 32 co-sponsors has been introduced in the Senate.
Full Story: Reuters (4/19),  MarketWatch (tiered subscription model) (4/19),  Bloomberg (4/19) 
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Securities and Exchange Commission Chair Gary Gensler has hired four senior staffers, including the AFL-CIO's Heather Slavkin Corzo as policy director. Gensler's priorities are expected to include environmental, social and governance issues, special-purpose acquisition companies and the mainstreaming of cryptocurrencies.
Full Story: The Wall Street Journal (4/19),  The New York Times (4/19),  ThinkAdvisor (free registration) (4/19) 
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The Consumer Financial Protection Bureau is withdrawing seven policy guidelines adopted last year that were aimed at helping the financial industry navigate coronavirus pandemic disruptions, including one that recognized staffing shortages when considering supervision or enforcement. Acting CFPB Director Dave Uejio said the agency "intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act."
Full Story: American Banker (3/31),  HousingWire (3/31),  Politico Pro (subscription required) (3/31) 
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IIA Members-only Financial Services Resources and Savings!
As global pandemic uncertainties continue, equip yourself with all the industry-specific tools and resources The IIA and the Financial Services Audit Center offer for this challenging industry in a challenging time. Access your members-only resources now. Not an IIA member? Join now to enjoy complimentary access to the Financial Services Audit Center.
Fraud & Ethics
A report by FICO finds that 70% of senior executives at global banks have seen a rise in fraud attacks since the beginning of the coronavirus pandemic and that more than half have increased spending to combat fraud. "The pandemic has exasperated the challenges banks have in tackling both [anti-money-laundering] compliance and fraud," the report states.
Full Story: Law360 (free content) (4/2) 
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The Financial Crimes Enforcement Network is asking financial institutions for comments on the true-owner database it is establishing as part of the Corporate Transparency Act, which requires companies to report their true owners to the agency, instead of only to banks. Questions remain about to what extent the law relieves anti-money-laundering burdens from banks and how the agency will use the information.
Full Story: American Banker (4/12) 
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Be a Beta Tester for the Enhanced CRMA Program
The IIA is seeking active CIA certification holders to participate in the Certification in Risk Management Assurance (CRMA) Beta Test. All participants receive a free application and the first 200 registered candidates receive a significantly reduced exam registration fee. Act now.
As insurance companies adopt more big data practices, such as using artificial intelligence and analytics, it increases the risk that discrimination will occur, regulators say. Regulators are concerned that big data use can lead to an "adverse impact on availability and affordability of insurance for protected classes," says Vincent Tsang, an Illinois Department of Insurance actuary.
Full Story: InsuranceNewsNet Magazine (4/14) 
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Take Advantage of Early Registration!
It's time to experience a world-class program focused on delivering timely, forward-thinking presentations by globally recognized and renowned speakers. Register by April 30 and save up to $200.
IIA News
May webinar: 3 Steps to Transform Your Team Into an Agile Engine
Though most organizations are fully aware of the benefits of adopting an agile methodology, many lack knowledge of the steps they can take to implement it successfully. This session will provide a step-by-step overview of how to overcome the common roadblocks financial-services organizations face when adopting an agile methodology. Register now.
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On the Frontlines: Don't let your data fall between the seams
Like all aspects of internal audit, the department's analytics program needs a quality assurance review to ensure it is operating effectively, identify risks and tighten controls, writes Francisco Aristiguieta, who oversees internal audit analytics at Citizens Property Insurance in Florida. Aristiguieta provides three tips internal audit should include in its self-assessments to address data access, data hand-offs between systems and teams, and the different risks posed by transient and stable processes. Read now.
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COVID-19 Resource Exchange
Read, every day, something no one else is reading. Think, every day, something no one else is thinking.
Christopher Morley,
writer, editor, journalist
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About the IIA Financial Services Audit Center (FSAC)
FSAC is an IIA specialty center for audit professionals in the banking, asset management, and insurance sectors. FSAC advances the professional practice of auditing in the financial services industry through thought leadership, education and training events, professional guidance, and advocacy. Learn more about FSAC and how you can add the center to your IIA membership.
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