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.

Recovering from a virus: safeguarding your firm’s assets and returning to business as usual
COVID-19 caused an unprecedented and hasty change to the manner in which we conduct business, with many in the workforce exposed for the first time to extended spells of working from home. In our latest report, RiskBusiness Chief Executive Mike Finlay looks at the potential data security issues that may arise from remote working.


Latest News

SocGen shuts Singapore trade commodity desk after Hin Leong hit

Societe Generale SA is closing its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading (Pte) Ltd. prompted the bank to halt fresh funding to such firms in the region.

TSB books provision for potential legal action by the RBNZ over alleged non-compliance with anti-money laundering and countering the financing of terrorism requirements

The Reserve Bank says it's "finalising enforcement action against TSB" over alleged non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).

Lazard Banker among suspects in German insider trading probe

A banker at Lazard Ltd.’s Frankfurt office is a suspect in a German criminal probe into alleged insider trading related to company takeovers, according to people familiar with the matter.

FCA launches probe into Woodford depositary

The Financial Conduct Authority (FCA) is looking into Neil Woodford’s depositary Northern Trust in relation to the events that led to the gating of the Woodford Equity Income fund last June, Wealth Manager has learned.

Morgan Stanley hit with class lawsuit over alleged data breaches

Former and current Morgan Stanley customers have filed a putative class-action lawsuit alleging negligence and invasion of privacy over the firm’s failure to properly scrub decommissioned hardware of personal information such as social security numbers, account numbers and other personal data.

Westpac says money laundering and counter-terrorism breaches may be 450,000 more than suspected

Westpac says an internal investigation has discovered it may have breached anti-money laundering and counter-terrorism finance laws on up to 450,000 occasions more than it previously thought.

Garmin risks repeat attack if it paid $10 million ransom

A security expert has warned that Garmin is now an even bigger target if it paid the alleged $10 million ransom to free its systems of malware.

Sparkasse Bank fined €217,000 for anti-money laundering breaches by FIAU

Sparkasse Bank has been fined €217,000 for anti-money laundering breaches by the Financial Intelligence Analysis Unit.

Goldman Sachs and Malaysia reach $3.9 billion settlement in 1MDB scandal

Goldman Sachs has agreed to a $3.9 billion settlement with Malaysia as it begins to put behind it a kleptocracy scandal that changed the course of politics in the country.

FINRA orders Merrill Lynch to pay $150k fine for bad trade data

The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for providing inaccurate securities trading information. Today, the industry’s self-regulatory authority ordered a unit of Merrill Lynch to pay a fine of $150,000 for various reporting lapses over a period of at least five years.

Court upholding $6 million award against Credit Suisse could bolster clawbacks

A recent court decision affirming a more than $6 million arbitration award for former Credit Suisse Securities brokers in a deferred compensation case could embolden other financial advisers who leave money on the table when switching firms, an arbitration lawyer said.

New York regulator charges First American unit over 2019 data breach

New York’s top financial regulator filed charges Wednesday against a subsidiary of insurance company First American Financial Corp. in the first enforcement action by the regulator under a set of rules requiring banks and other financial services companies to maintain cybersecurity protections.

 
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