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.

Updating your whistleblowing policy
Recent high-profile examples of whistleblowing in action, such as the Panama Papers and Cambridge Analytica scandals, have highlighted the importance of creating a whistleblowing procedure which allows employees to feel assured that any issues they raise will be taken seriously and dealt with in confidence. Our latest report looks at upcoming developments in the area of whistleblowing policy, including the EU Whistleblowing Directive, the ISO whistleblowing guidance currently under development (ISO 37002) and the FCA’s recent awareness campaign.
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Latest News

Websites including Hong Kong Exchange, airlines go down briefly

A plethora of websites operated by financial institutions and airlines including Hong Kong Exchanges & Clearing Ltd. and Southwest Airlines Co. went down briefly Thursday in what appeared to be a widespread internet outage.

Ukrainian police arrest multiple Clop ransomware gang suspects

Multiple suspects believed to be linked to the Clop ransomware gang have been detained in Ukraine after a joint operation from law enforcement agencies in Ukraine, South Korea and the United States.

CBA, Westpac, ANZ face service outages

A range of banks, including big four lenders Commonwealth Bank, Westpac and ANZ, are scrambling to find the source of an outage that is affecting internet banking and access to online apps across the country.

Citi fined for failure to monitor employees’ outside brokerage accounts

Citigroup Global Markets Inc has agreed to pay a fine as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

FINRA fines Cantor Fitzgerald for locking or crossing quotations

Cantor Fitzgerald & Co has agreed to pay a fine as a part of a settlement with the United States Financial Industry Regulatory Authority (FINRA).

FMA imposes sanction against BNP Paribas SA for a breach on the requirement for honest, clear and non-misleading information in its market presence

The Austrian Financial Market Authority (FMA) hereby advises that it has imposed a fine of EUR 235,000 by way of a penal order against BNP Paribas SA as a legal person by way of the accelerated conclusion of proceedings pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz) for breaches against the Securities Supervision Act 2018 (WAG 2018; Wertpapieraufsichtsgesetz 2018) and Delegated Regulation (EU) 2017/565 due to a breach of the requirements for honest, clear and non-misleading information with regard to its market presence.

SEC charges issuer with cybersecurity disclosure controls failures

The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information.

Singapore financial regulator reprimands AIA, Aviva, Prudential

Singapore’s financial regulator reprimanded the local entities of AIA Group Ltd., Aviva Plc and Prudential Plc for breaching requirements related to risk management and supervisors’ pay.

Mizuho president Fujiwara to step down following series of IT failures

Mizuho Bank President Koji Fujiwara is to fall on his sword after being held responsible for a widespread series of outages that hit the Japanese bank between February and March.

HK fund takes action on alleged unpaid debts by Gupta’s GFG Alliance

A Hong Kong based asset manager is behind an attempt to take control of a significant portion of the shares in a UK-listed renewable energy developer over alleged unpaid debts by Sanjeev Gupta’s GFG Alliance metals conglomerate. 

Citadel Securities settles with fund over secret algorithm

Citadel Securities reached a truce with a British hedge fund over the attempted hiring of a senior trader, ending a lawsuit that was set to consider the makeup of a secret algorithm.

Deloitte sued for allegedly failing to find ‘irregularities’ in audits of Singapore oil trader

A failed oil trader in Singapore that owes creditors more than $3.5 billion is suing Deloitte & Touche LLP, alleging the auditing firm failed to detect “serious irregularities” in its financial statements for more than a decade.

 
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