Volume 1 | Issue 5
Governance, Risk Management, Compliance and IT Security Issues (GRC)
Regulatory Compliance for the Financial Services Industry. EU Banking Union
Any form of IT or data breach can impair your business transactions, from business interruption to business disruption. At the 7th annual GRC Summit, a variety of IT issues that focus on the significant costs and risks to companies, lack of up to date knowledge on technology, trends in global IT governance, cloud computing, retooling IT Systems for better risk analysis and ensuring data security, data breaches and security alerts will be treated.
European Banking Authority (EBA) has since 2011 worked for a harmonization of the regulation of EU banks the administrators still intends to disclose information about union banks in the second half of 2013. Authority, EBA, has decided to postpone the crucial stress tests to 2014 to make way for the study of asset quality, as the European Central Bank will implement as part of its overall compliance unit.
Do you have adequate coverage of the critical risks as part of their ongoing compliance activities? The growing complexity of regulatory compliance is the driving force for more investment in IT upgrades. However we suggest that you conduct a workshop to assess your compliance maturity in view of the EU banking Union first. For guidance please call us
Anti Money Laundering and Terrorist Financing Compliance Issues
What are the changes in the European Commission's bill for a new Anti-Money Laundering Directive. What will entail if it is adopted in its current form. Based on a recent judgment by the High Court of Eastern Denmark, we will take a look at how sentences for violation of the Danish Act on Measures to prevent Money Laundering are fixed in practice. Finally, we will look into which new elements the Danish Financial Supervisory Authority's updated guidelines for the Danish Act on Measures to prevent Money Laundering contain.
Money laundering and terrorist financing is high on the GRC agenda. In this connection, we look at the changes the European Commission's bill for a new Anti-Money Laundering Directive if it is adopted in its current form.
Like commencing any other journey, it is essential that you know your destination, have a road map or a GPS. Further that you have selected the right vehicle for transportation (road, ship or air), depending on a variety of variables. Your GRC Journey is an integrated approach towards audit, risk and compliance is no different.
Be it medic, manufacturing, services or the financial sector; presentations, panel discussions and interactive sessions will focus on: Risk Management on Regulatory Compliance issues for effective reporting structures, business and risk compliance.
Good Corporate Governance is Good Business if implemented and communicated is an excellent vehicle to improve the structure or the company's Compliance and Risk management capabilities. This year's themes and priority issues are on automation and optimization of processes, record keeping, reporting and disclosures, to ensure that even a diversified organization with 'part-time' Governance Officer can identify the crevices from the Governance gaps.
Board of Directors and Senior Management GRC Issues
Board behavior and effectiveness are becoming increasingly visible to investors and other stakeholders. In the past few years, the European Commission has reinforced its focus on the corporate governance matters, issuing several rules and guidelines in this regard. Most of these raise, among other aspects, the issue of increased board responsibility in the corporate governance framework through better functioning and more appropriate structures.
Every time there is a corporate scandal, there are 2 standard responses.
- Management was unaware of the malpractice and our compliance and
- Ethic standards are amongst the most stringent in the business.
Board of Directors are now taking an active role in shaping reality scenario's of their responsibilities in relation to their Governance, Risk management, Compliance and IT-Security (GRC) illustrations (1/3)
Bribery, Fraud and Corruption Compliance Issues
Xi Jinping, the newly installed head of the Chinese Communist Party, has already signaled that corruption will be one of the themes of his tenure. "Worms come only after matter decays" – said the future Chinese leader to emphasize his point1.
Bribery and Corruption can be a somewhat elastic concept. It's giving the cable man in New Zealand $50 for a couple of free TV channels to a Danish Lord Mayor providing an affordable apartment to a family member. Corruption is rampant in most countries and companies and continuous to be a serious problem.
We suggest that based on the attached information on Bribery, Fraud and Corruption you conduct a workshop to assess your BFC compliance maturity http://www.copenhagencharter.com/BFC-Brochure.pdf
. For guidance please call us