The Risk Universe is a website and a monthly digital magazine that seeks to shed some much needed illumination onto the world of operational risk management.

GDPR: the next challenge
GDPR (General Data Protection Regulation) has been a key regulatory challenge for firms in recent years as they rushed to ensure compliance before it came into play in May 2018. Since then, record fines have been issued to major organisations, including British Airways (BA), Google and H&M. In this report, we take a look at some of the high-profile examples of GDPR breaches and penalties, plus the key data-protection issues firms should be aware of as we approach the end of the Brexit transition period.
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Latest News

FINRA fines Wells Fargo second time in a month

The Financial Industry Regulatory Authority (FINRA) has slapped Wells Fargo Clearing Services, LLC with a fresh fine of $75,000 for inconsistencies in data reporting. This is the bank’s second fine by the financial watchdog this month.

Deutsche Bank accounting head probed over EY's Wirecard audit

Deutsche Bank AG’s top accounting executive, Andreas Loetscher, is being investigated over his role as the auditor of Wirecard AG while he was with his former firm, Ernst & Young, two people familiar with the matter said.

Sopra Steria to take multi-million euro hit on ransomware attack

IT services firm Sopra Steria says it expects the ransomware attack it suffered earlier this year to hit its operating margins by up to €50 million.

Cigna’s CEO and Board sued for ‘black-ops-style’ tactics to kill merger with Anthem

Cigna Corp.’s chief executive officer and board used “black-ops-style” tactics in a covert campaign to “blow up” a $48 billion merger with rival insurer Anthem Inc., Cigna investors claim in a lawsuit.

OCC assesses $250 million civil money penalty against JPMorgan Chase Bank, N.A.

The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against JPMorgan Chase Bank, N.A.

Fake Zoom invite cripples Aussie hedge fund with $8m hit

A Sydney hedge fund has collapsed after a cyber attack triggered by a fake Zoom invitation saw its trustee and administrator mistakenly approve $8.7 million in fraudulent invoices.

FCA fines TFS-ICAP £3.44 million for market misconduct

Between 2008 and 2015, brokers at TFS-ICAP carried out the practice of ‘printing’ trades. This involved brokers communicating to their clients that a trade had occurred at a particular price and/or quantity when no such trade had actually taken place. TFS-ICAP brokers, across multiple broking desks, did this openly and over a prolonged period.

HDFC digital payments suffer mass outage

HDFC Bank, India's largest private sector lender, suffered massive payment failures as digital payments across multiple channels failed since Saturday evening. An "unexpected outage" at one of the bank's data centers caused the issue, the bank said.

China alleges manipulation by Haitong Securities in widening default inquiry

Chinese investigations into last week’s shock bond default by a state-owned coal miner widened on Wednesday with a regulator threatening to sanction Haitong Securities, one of the country’s biggest brokerages, for alleged manipulation.

Bomb threat that forced NAB to close all 600 of its Australian branches is revealed to be a hoax after terrified customers were evacuated

An apparent bomb threat that prompted National Australia Bank to close hundreds of branches across the country has been deemed a hoax.

CommInsure wins burglary fraud case

A NSW court has ruled in favour of Commonwealth Insurance in a jewellery theft dispute that centred on whether a hole was cut into a bedroom ceiling from below to make it appear as if burglars had entered from the roof.

AXA disputes ruling that it must pay millions of Euros in back taxes

AXA SA was ordered to pay tens of millions of euros in back taxes last year after French fiscal authorities deemed a Luxembourg-based structure was improperly used to avoid tax payments in France, Mediapart reported on Sunday.
 
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