Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence: Recent Episodes
Thomson Reuters
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
In episode 10 of season 8 of Compliance Clarified, Helen Chan, Regulatory Intelligence's Hong Kong-based expert and Rachel Wolcott, senior editor in London discuss artificial intelligence in compliance. To say there has been a lot of hype around AI and generative AI is an understatement. ChatGPT, in particular, has captured the public's imagination. It is simultaneously hailed as transformational technology and a weapon of mass destruction. So what's in it for compliance officers?
Helen and Rachel take listeners through some of the trends and use cases they are seeing in financial services and compliance for both deterministic and generative AI. They sketch out how regulators globally have responded to AI. Finally, they set ChatGPT for some simple compliance tasks to see how it performs. Spoiler: Chatbots are not going to take over compliance departments anytime soon.
This is the last episode of season 8. We'll be back in September!
Links:
Impact Analysis: Regulators in Asia lay down the foundation for regulation of AI ethics: http://go-ri.tr.com/aWnKkV
Insight: China, EU and U.S. regulators ponder generative AI regulations, offer compliance considerations for businesses: http://go-ri.tr.com/JDlPO1
Generative AI: Five use cases for compliance: http://go-ri.tr.com/aeOBkB
Expert AI is needed to deliver the accuracy required to automate compliance tasks; ChatGPT applications are limited
Outside paywall: https://regintel-content.thomsonreuters.com/document/I563E94301B4111EEBE2AEF7C693C2154
Ten things new AI apps such as ChatGPT can do to 'augment' compliance -FINRA conference
http://go-ri.tr.com/Z0fFDU
Contact us:
Helen Chan (HK):
helen.chan@thomsonreuters.com
Rachel Wolcott (UK):
rachel.wolcott@thomsonreuters.com
For more information about Regulatory Intelligence
https://legal.thomsonreuters.com/en/products/regulatory-intelligence
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
The Financial Conduct Authority's much-trumpeted Consumer Duty comes into effect on July 31. An amendment to the Financial Services Act in 2021 in the House of Lords gave the regulator a year to bring in rules concerning the level of care firms provide to consumers. This turned into the Consumer Duty and last July the FCA set out its rules. The FCA has issued an unprecedented set of guidance on the duty.
In this episode of Compliance Clarified, managing editor Alex Robson talks to senior editor Lindsey Rogerson and Mike Cowan, senior regulatory intelligence expert, about what the duty is, what it means for firms and whether the industry is ready and what is next. The critical question is whether the lives of consumers will be improved and how quickly will the regulator move to enforcement where it finds failings.
The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial institutions and aims to help them navigate the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.
Programme notes
From behind Regulatory Intelligence paywall:
Open banking tech helping financial firms with Consumer Duty compliance -vendors: http://go-ri.tr.com/g6jPrP
Decades' high interest rates, Consumer Duty put focus on vulnerability assessments: http://go-ri.tr.com/g1vU0D
FCA publishes 10 key questions for firms to test Consumer Duty readiness: http://go-ri.tr.com/k3RqIi
No paywall
One month to go for the Consumer Duty: https://www.fca.org.uk/news/news-stories/one-month-go-consumer-duty
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
The Australian arm of consulting firm PwC is embroiled in an unprecedented political scandal following revelations that senior staff sold confidential information on government tax reforms to its multinational clients. PwC is defending allegations that it engaged in a deliberate multi-year strategy to cover up a breach of confidentiality in the tax leak scandal. The form stands accused of "monetising" confidential information that it obtained as a consultant to the government on laws to target multinational tax avoidance.
The scandal has led to investigations from the Australian Federal Police (AFP) and the prospect of a referral to the new National Anti-Corruption Commission (NACC). PwC is also navigating a probe from the national accounting body, numerous Senate inquiries, and three internal reviews within PwC, including one led by its global leadership.
The case has also cast a cloud over the firm's 900 partners in Australia and 10,000 staff, leaving the organisation in damage control mode. Peter Collins, PwC Australia's head of international tax, has been banned by the Tax Practitioners' Board (TPB) for his involvement in the scheme.
In a bid to stem the losses, PwC now plans to sell off its government consulting business, which generates A$600 million in annual revenue, for A$1 to private equity group Allegro. It is estimated that 130 partners and 2,000 staff will leave to join the new entity.
In this episode of Compliance Clarified, Nathan Lynch discusses this unfolding corporate disaster with Niall Coburn, a lawyer and regulatory risk expert with Thomson Reuters Regulatory Intelligence in Australia.
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
U.S. banking regulators are homing in on more effective stress testing after admitting they were behind the curve in their supervision of Silicon Valley Bank.
The bank collapsed in March, alongside Signature Bank, and was later joined by First Republic. Further problems are expected for smaller, regional banks, but regulators have to date seen off fears about a 2008-style financial crisis.
In this episode of Compliance Clarified, Alex Robson, managing editor in London, is joined by Henry Engler, senior editor in New York. They discuss recent comments by Michael Barr, vice chair of supervision at the Federal Reserve, about the steps that regulators are taking.
The U.S. central bank is at the beginning of exploring how it can move more swiftly when its supervisors spot problems at banks outside crisis periods, he said.
"We're not an institution that moves quickly on supervisory issues," Barr told a recent panel in New York.
The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.
NY Fed official argues for tougher supervision after SVB collapse; bank executives need 'devil advocates' to challenge decisions (behind a paywall):
http://go-ri.tr.com/D1HKvq
https://www.newyorkfed.org/newsevents/speeches/2023/ost230617
Federal Reserve’s review of Silicon Valley Bank failure (free to access):
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230428a.htm
https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf
Fed’s Jerome Powell on higher capital costs (free to access): https://www.reuters.com/business/finance/powell-strong-capital-is-central-importance-banks-2023-06-21/
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
Financial institutions in the United States are filing an exceptionally high volume of suspicious activity reports (SARs), with more than 3.6 million SARs submitted in 2022, a 57% increase over pre-pandemic (2019) levels. Additionally, suspicious activity reporting is on pace to set another annual record in 2023.
A special report published recently by Thomson Reuters takes a deeper dive into the data offering valuable insight into critical areas of financial crime.
A link to the report is available here:
www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/special-report-suspicious-activity-reports/
In this episode of Compliance Clarified, Todd Ehret, Senior Regulatory Intelligence Expert at Thomson Reuters is joined by Brett Wolf, Senior AML Correspondent for Thomson Reuters. As co-authors of the report, Todd and Brett discuss some of the high-level findings of the report and probe critical issues such as financial crime, elder fraud, human exploitation, Covid-19 pandemic-related fraud, and terror financing.
While SAR filings soared across virtually all categories of criminal activity, data shows significant spikes in check fraud, elder financial abuse, human exploitation, and government-related benefit scams. Vulnerable populations have grown in both size and susceptibility during the pandemic, especially migrants and the elderly.
Although some observers attribute the SAR filing surge to advancements in detection technology and vigorous regulatory communication, data from the Federal Bureau of Investigation (FBI) corroborates sharp, real-world increases in fraud across many categories.
The report relies on data from January 2014 through the end of the first quarter of 2023, and was obtained from the FinCEN SARs database. The data is a helpful benchmark for financial institutions' risk, compliance, and anti-fraud leaders. It can be used to contrast internal data against broader market-affecting industry peers.
The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial services firms and aims to help compliance professionals make sense of the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
The UK Financial Conduct Authority (FCA) says it views whistleblowers as a valuable source of intelligence. But whistleblowers feel far from valued by the FCA, according to the findings of the regulator's own survey.
In 2019, the FCA board commissioned a review of its whistle-blowing offering, which was delayed by the pandemic and published in May this year.
The self-assessment found whistleblowers were dissatisfied with the FCA's offering. In response it has set out some changes it is going to make to improve whistleblowers' experience.
In this episode of Compliance Clarified Alexander Robson is joined by Lindsey Rogerson and Rachel Wolcott to discuss their special report on the regulator's approach to whistle-blowing and whistleblowers.
The discussion covers the UK regulator's Principle 11 rethink over when firms are required to notify it of claims involving mistreatment of whistleblowers at the Employment Tribunal and the lack of enforcement cases taken under SYSC18.
Programme notes:
Link to special report outside the paywall: https://regintel-content.thomsonreuters.com/document/I83AB3640FFB611EDBEBCFA0963B51F96
Link to special report for Regulatory Intelligence subscribers: http://go-ri.tr.com/OjIOEz
Link to article on FCA backlog in assessing whistle-blowing reports from May 2022, http://go-ri.tr.com/5NBLVp
Link to article setting out FCA’s previous stance on notification of Employment Tribunals, http://go-ri.tr.com/2OkJvj
Link to article confirming RBC was under investigation in relation to treatment of John Banerjee http://go-ri.tr.com/1YInqd
Link to article on Government review of whistle-blowing, http://go-ri.tr.com/0YKmSO
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to discussions on all things compliance for financial services firms. We cover the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk — anything and everything affecting the compliance function is up for discussion.
Contact us:
Alexander Robson: alexander.robson@thomsonreuters.com
Lindsey Rogerson: lindsey.rogerson@thomsonreuters.com, or on Signal (07787270363)
Rachel Wolcott: rachel.wolcott@thomsonreuters.com
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
Firms need to re-engineer their anti-money laundering (AML) systems and controls to refocus on know-your-customer (KYC) processes to prevent the inevitable pile-up of transaction monitoring alerts. Firms' pivot to digital onboarding has prioritised speed over collecting enough information to determine whether transactions are suspicious. It has created an inefficient, expensive process where AML analysts are sifting through thousands of alerts looking for the proverbial needle in a haystack. The problems raise important questions about the ways that banks conduct AML controls today.
Some banks, in an aim to onboard customers digitally in less than 24 hours, rely on tools that verify identity-based on existing information. These verification tools use customer addresses, credit bureau information, previous bank account details to risk score applicants. Some banks do not ask for photo identification, like a driver's licence or a passport, for customers deemed to be low risk.
In this episode, Alex Robson, managing editor, Regulatory Intelligence, talks to Rachel Wolcott, senior editor in London, about KYC processes and how they should be done. Also under discussion is Russia, Iran, the UK Financial Conduct Authority's latest sanctions compliance work, together with that of the Association of Certified Anti-Money Laundering Specialists.
The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance at financial services firms, and aims to help compliance officers make sense of the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging good practice.
Programme notes
Outside Regulatory Intelligence paywall
Firms should invest in KYC, model "good" customer transactions to reduce transaction monitoring alerts pile-up: https://regintel-content.thomsonreuters.com/document/I42A1B9D0F8A911EDBEBCFA0963B51F96
UK FCA finds gaps in firms' sanctions testing; ACAMS highlights complex evasion and Wagner Group risks: https://regintel-content.thomsonreuters.com/document/I26903170FB2111EDBEBCFA0963B51F96
U.S. imposes counter-terrorism sanctions on Iranian operatives over alleged overseas assassination plots: https://regintel-content.thomsonreuters.com/document/IDFB1330000A511EE8F64E998879AFF30
Inside Regulatory Intelligence paywall
U.S. imposes counter-terrorism sanctions on Iranian operatives over alleged overseas assassination plots: http://go-ri.tr.com/aR6rOI
U.S. government issues broad new Russia sanctions, shares new export control evasion 'red flags': http://go-ri.tr.com/REz0nu
UK FCA finds gaps in firms' sanctions testing; ACAMS highlights complex evasion and Wagner Group risks: http://go-ri.tr.com/8svY1k
UK FCA using home-grown tool to check sanctions compliance: http://go-ri.tr.com/3khGhR
Government intelligence sharing vital to help banks spot Russian sanctions evasion -U.S.,UK officials: http://go-ri.tr.com/Q9urHj
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
The EU Digital Operational Resilience Act (DORA) aims to ensure that all participants in the financial system have the necessary safeguards in place to mitigate cyber-attacks and other risks. The legislation will require firms to ensure that they can withstand all types of ICT-related disruptions and threats. It complements existing laws such as the Network and Information Security Directive (NISD) and the General Data Protection Regulation (GDPR).
In this episode, Alexander Robson, managing editor, Regulatory Intelligence, is joined by Trond Vagen, senior editor in Oslo, and Mike Cowan, senior regulatory intelligence expert in London, to discuss DORA, the impact of the legislation on financial services firms and ways for them to prepare.
Programme notes
DORA Regulation full text
https://data.consilium.europa.eu/doc/document/PE-41-2022-INIT/en/pdf
EU Council press release 28/11/22
https://www.consilium.europa.eu/en/press/press-releases/2022/11/28/digital-finance-council-adopts-digital-operational-resilience-act/
For subscribers to Regulatory Intelligence (behind paywall)
EU plan for digital operational resilience could lead to conflicting compliance requirements, says ECB
http://go-ri.tr.com/pYUZdv
Outages focus UK regulators on market infrastructure operational resilience
http://go-ri.tr.com/4YUKUQ
Operational risk regulation needed urgently due to geopolitical uncertainty, warn EU supervisors
http://go-ri.tr.com/CVyQFA
OUTLOOK 2022-Digital operational resilience work lines up European regulators, cloud providers for supervisory showdown
http://go-ri.tr.com/TeOsCs
The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms.
The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.
Australian gambling giant Star Entertainment Group was last month fined A$100 million for failing to stop money laundering at its Sydney casino. The group's licence to operate the casino has also been suspended.
Casino operators in Australia have been under great pressure to reform their gambling operations following reports of widespread criminal activity. The record penalties were announced in response to a damning inquiry in New South Wales (NSW) earlier this year.
The Star is not alone. There has been misconduct at various casinos around Australia in recent years, including at those owned by the country's largest gaming and entertainment group - Crown Resorts. It was fined A$80 million by Victorian gambling authorities earlier this year for its failures to stop criminal activity. It is also in litigation with the country's feared AML/CTF agency, AUSTRAC, which is known for handing down billion-dollar penalties.
In this episode Alexander Robson, managing editor, Regulatory Intelligence, is joined by Nathan Lynch, APAC managing editor in Perth, and Niall Coburn, senior regulatory intelligence expert in Brisbane, to discuss the failures at the casinos, what needs to happen next and they offer lessons well beyond Australia.
Articles on Regulatory Intelligence (subscription needed)
COLUMN: Star casino report highlights gaps in Australia's criminal intelligence
http://go-ri.tr.com/PeqrM3
COLUMN: Queensland Star casino inquiry will consider compliance problems exposed in other states
http://go-ri.tr.com/4BKu4c
IMPACT ANALYSIS: Australian casinos – no consequences for directors despite widespread corporate governance failings
http://go-ri.tr.com/Y8hCKO
Star inquiry slates casino's Chinese payment card AML workaround
http://go-ri.tr.com/B44iIm
AUSTRAC defends billion-dollar penalties as crucial deterrent against corporate apathy
http://go-ri.tr.com/VOkA5B
No paywall
Australia casino operator Star found unfit for Queensland licence
https://www.reuters.com/business/australia-casino-operator-star-found-unfit-queensland-licence-2022-10-06/
Money laundering through the gambling industry
https://baselgovernance.org/sites/default/files/2022-09/QG28%20gambling.pdf
Junket tour operations in Australia
https://www.austrac.gov.au/sites/default/files/2020-12/JTO_2020_FINAL.pdf
The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms.
The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.
This episode examines two consultations published by securities regulators at the COP27 climate conference designed to foster fair and efficient carbon markets. One deals with voluntary carbon credits and the other deals with so-called CCMs (compliance carbon markets) and aims to assist with the establishment and supervision of national/governmental schemes.
In this episode, Alexander Robson, managing editor, Regulatory Intelligence, is joined by Lindsey Rogerson, senior editor, EMEA wholesale financial markets regulation in London, and Henry Engler, senior editor in New York. Lindsey assesses the implications of the consultations for investment banks, asset managers and exchanges. Henry discusses the recent mid-term elections in the United States and their likely effect on the legislative agenda, and the Securities and Exchange Commission's ESG disclosure rules.
Show notes:
Link to IOSCO consultation on Compliance Carbon Markets https://www.iosco.org/library/pubdocs/pdf/IOSCOPD719.pdf and Voluntary Carbon Markets
https://www.iosco.org/library/pubdocs/pdf/IOSCOPD718.pdf
Link to International Capital Markets Association Climate Resilient Debt Clauses term sheet https://www.icmagroup.org/assets/CRDCs-November-2022.pdf
Link to Financial Conduct Authority https://www.fca.org.uk/publication/consultation/cp22-20.pdf
Link to HM Treasury Transformation Disclosure Framework https://transitiontaskforce.net/get-involved/
Link to U.N. High Level Expert Group recommendations https://www.un.org/sites/un2.un.org/files/high-level_expert_group_n7b.pdf
The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms.
The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.
Financial crime teams are being urged to pay greater attention to illicit transactions linked to money laundering, illegal betting and corruption. The problem is particularly endemic in the Asia-Pacific region, where gambling is a major way of life.
Banks, casinos and other reporting entities are largely oblivious to the extent that organised crime groups have infiltrated the sector, according to sports integrity officials. Some estimates suggest that around a quarter of professional sports has been linked to organised crime.
In this episode of Compliance Clarified, Nathan Lynch, Asia managing editor, joins Alexander Robson, editor-in-chief in London, to discuss the problem.
Programme notes:
UNODC Global Report on Corruption in Sport
https://www.unodc.org/unodc/en/safeguardingsport/grcs/index.html
A log in needed for non-RI subscribers
Bad sports: Global financial crime teams must target industry's illegal betting, laundering
http://go-ri.tr.com/dfjIxt
Sports betting in Australian regulator's crosshairs as AML crackdown continues
http://go-ri.tr.com/yDvMwj
The Regulatory Intelligence podcast series "Compliance Clarified" covers the range of topics that affect compliance officers in financial services firms.
The podcasts have been designed to help compliance officers make sense of the often-challenging world of financial services regulation which is now overlaid with expectations that are not in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become true polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges faced, and aims to offer up practical ideas for emerging good practice.
This episode examines the impact of Hurricane Ian and, more broadly, climate change, on the insurance industry. The September storm killed at least 119 people and caused at least $50 billion in damage in Florida alone. It may be the state’s costliest storm ever but is only the latest in a series of increasingly severe storms, droughts and wildfires that scientists say are consistent with predicted effects of climate change. Such natural disasters have taxed the insurance industry, and one industry lawyer called Hurricane Ian a “death knell” for property and business interruption insurance in Florida.
In this episode of Compliance Clarified, Randall Mikkelsen, managing editor for North America, is joined by Antonita Madonna, insurance correspondent for Regulatory Intelligence, explore the challenges new-style risks including natural disasters are posing for the insurance industry and U.S. insurance regulators.
Follow these links for more coverage by Regulatory Intelligence of the insurance aftermath of Hurricane Ian:
https://www.reuters.com/article/bc-finreg-low-flood-insurance-florida-hu/low-flood-insurance-uptake-in-florida-poses-tough-challenge-after-hurricane-ian-idUSKBN2RS1G2
The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance officers in financial services firms.
The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the big challenges of the day and offers practical ideas for emerging good practice.
This episode examines the UK Economic Crime and Corporate Transparency Bill, now before the House of Commons. The legislation is the second part of the government's economic crime plan, announced under the then Cameron government, and which was given fresh impetus by Russia's invasion of Ukraine and a determination to crack down on dirty and kleptocratic money in London.
In this episode of Compliance Clarified, Alexander Robson, global managing editor, Regulatory Intelligence, is joined by Helen Parry, senior regulatory intelligence expert, and Rachel Wolcott, senior reporter. They assess the implications of the bill for anti-money laundering professionals, the powers of the National Crime Agency, the Serious Fraud Office, and the crucial role of Companies House, the UK corporate registry, in identify verification.
Links to content referenced in the discussion:
Timetable: https://bills.parliament.uk/bills/3339
Committee information https://committees.parliament.uk/committee/618/economic-crime-and-corporate-transparency-bill-programming-sub-committee/
https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets
https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-impact-assessments?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=94c70d27-d4bd-43b9-847d-949d0a95fc18&utm_content=immediately
Parliament TV for October 25. Committee https://www.parliamentlive.tv/Event/Index/c77273cd-ad46-44e9-b51c-acd0220411b6
Regulatory Intelligence links (subscription needed)
COLUMN: Money laundering, enhanced due diligence and high-risk countries — increasingly demanding compliance requirements
http://go-ri.tr.com/TGQm4w
COLUMN: Economic Crime and Corporate Transparency Bill – a new fishing licence for the National Crime Agency?
http://go-ri.tr.com/0gjw3S
COLUMN: Economic Crime and Corporate Transparency Bill – thresholds, ring fencing and defence against money laundering SARs
http://go-ri.tr.com/VZsc3b
The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance officers in financial services firms.
The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.
This episode examines a crackdown by U.S. regulators against “off-channel” communications on Wall Street. In September 11 major firms including Goldman Sachs, Morgan Stanley and Bank of America were fined a total of $1.8 billion for regulatory violations involving the use of unauthorized communications including texts and WhatsApp instant messages. The violations involved tens of thousands of messages sent or received by senior trading desk managers and their staff, raising the prospect that they could be used to evade protections against misconduct such as insider trading.
In this episode of Compliance Clarified, Randall Mikkelsen, managing editor for North America, is joined by Henry Engler, senior regulatory intelligence expert for Regulatory Intelligence, to examine the roots of the problem and the challenges compliance professionals face in combating it.
The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance officers in financial services firms.
The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.
In the tenth and final episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan and Lindsey Rogerson to take another look at personal liability and accountability in financial services.
Many jurisdictions have introduced personal accountability regimes in order to drive better risk aware behaviours by senior managers. The practical impact of which was highlighted in our recently published cost of compliance report for 2022 in which nearly half (45%) expected the personal liability of compliance professionals would increase in the coming year. In another stat 56% of respondents thought that the regulatory focus on culture and conduct risk would increase the personal liability of senior managers.
Links to content referenced in the discussion:
Cost of Compliance 2022 report can be downloaded from
https://legal.thomsonreuters.com/en/insights/reports/cost-of-compliance-2022-competing-priorities
Governance scrutiny, pandemic risks heighten personal liability stakes for senior managers in Hong Kong
https://www.linkedin.com/posts/helenhchan_senior-liability-enforcement-in-hong-kong-activity-6953537396344860673-jl_i?utm_source=linkedin_share&utm_medium=member_desktop_web
Report on introduction of Irish Individual Accountability Framework by Joint Committee on Finance, Public Expenditure and Reform and Taoiseach, April 2022
https://data.oireachtas.ie/ie/oireachtas/committee/dail/33/joint_committee_on_finance_public_expenditure_and_reform_and_taoiseach/reports/2022/2022-04-05_report-on-pre-legislative-scrutiny-of-the-general-scheme-of-the-central-bank-individual-accountability-framework-bill-2021_en.pdf
European Central Bank report on climate stress test results July 2022
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.climate_stress_test_report.20220708~2e3cc0999f.en.pdf
Article on UK SMCR's lack of enforcement
https://www.jdsupra.com/legalnews/senior-managers-regime-sets-6886025/
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the ninth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by her co-author of the Cost of Compliance report Mike Cowan to take a look at the key findings from the 2022 report.
The 2022 cost of compliance report is 13th annual survey report focusing on the challenges expected to be faced by risk and compliance functions at financial services firms around the world. This year’s survey had almost 500 responses from practitioners from banks, insurers, asset and wealth managers, regulators, broker dealers and payment services providers.
Links to content referenced in the discussion:
Cost of Compliance 2022 report can be downloaded from
https://legal.thomsonreuters.com/en/insights/reports/cost-of-compliance-2022-competing-priorities
Link to TV slot with Susannah Hammond discussing the Cost of Compliance report A look at the findings of the 2022 cost of compliance report (kaltura.com)
https://cdnapisec.kaltura.com/html5/html5lib/v2.96/mwEmbedFrame.php/p/2363721/uiconf_id/46526623/entry_id/1_83kge8uc?wid=_2363721&iframeembed=true&playerId=kaltura_player_1598883065&entry_id=1_83kge8uc&flashvars%5bstreamerType%5d=auto
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the eighth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson, Todd Ehret and David Bickley (from Thomson Reuters Practical Law) to take a look at the future of financial services and the sheer breadth of the regulatory change agenda.
Compliance officers will be all too familiar with regulatory change – it is the gift that keeps on giving and regulatory change management is a core competency for all risk and compliance functions.
So what are the hotspot areas likely to need compliance attention in the coming months and years? Well as a short but dense list there is ESG, sanctions, the shift of the regulatory perimeter to capture more crypto marketplace activity, the focus on increasingly vulnerable customers as the cost of living crisis bites as well as shifting regulatory expectations when it comes to all aspects of operational resilience. And that is before considering the how of financial services regulation and the spectre of personal liability.
Links to content referenced in the discussion:
UK Treasury: Financial Services Future Regulatory Framework Review: Proposals for Reform
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1032075/FRF_Review_Consultation_2021_-_Final_.pdf
Queen's Speech 2022: background briefing notes
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1074113/Lobby_Pack_10_May_2022.pdf
European Parliament's economic and Monetary Affairs Committee's work in progress list
https://www.europarl.europa.eu/cmsdata/250180/ITER0002_EN_20220623.pdf
Brexit Opportunities Catalogue
https://public.tableau.com/app/profile/governmentreporting/viz/UKGovernment-RetainedEULawDashboard/Guidance
Regulatory Initiatives Grid https://www.fca.org.uk/publication/corporate/regulatory-intitiatives-grid-may-2022.pdf
Dear CEO letter to 3,500 lenders on improving customer outcomes
https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-rising-cost-of-living-acting-now-support-consumers.pdf
PRA Consultation Paper The Strong and Simple Framework: a definition of a Simpler-regime Firm (CP5/22)
https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/publication/2022/cp522.pdf
Bufferati - speech by Sam Woods
https://www.bankofengland.co.uk/speech/2022/april/sam-woods-speaking-at-city-week-2022-developments-in-prudential-regulation-in-the-uk
SEC Spring 2022 Regulatory Agenda
https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST¤tPub=true&agencyCode=&showStage=active&agencyCd=3235&csrf_token=ABBAA84824C29E01B566B0472A6E99E59C730916821A14613C79DE7F48AC8EAEF4CA3A7C929E9B10E667F119BAA4958D5293
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the seventh episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to look at the compliance challenges posed by data governance.
In a digital age more than ever, firms need to embrace the fact that data is a vital strategic asset and from there build a business-wide approach to data aggregation, management, storage, security, retrieval, and destruction — in other words, build a business-specific approach to data governance. The successful governance of data will have multiple benefits one of which will be a direct improvement in the compliance function’s capacity to have line of sight to the regulatory risks being run by the business.
Links to content referenced in the discussion:
UK FCA portfolio letter warning on reporting
https://www.fca.org.uk/publication/correspondence/portfolio-letter-data-reporting-services-providers.pdf
BIS Paper No 124 - The design of a data governance system
https://www.bis.org/publ/bppdf/bispap124.pdf
UK Department of Culture Media & Sport - Data: a new direction - government response to consultation
https://www.gov.uk/government/consultations/data-a-new-direction/outcome/data-a-new-direction-government-response-to-consultation#ch1
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the fifth episode of season 6 of the Compliance Clarified podcast, Susannah Hammond is joined by Rachel Wolcott and Brett Wolf to look at the compliance challenges posed by financial crime in general and sanctions in particular.
Links to content referenced in the discussion:
European Banking Authority new guidelines for MLROs which come into effect on December 1 2022
https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Guidelines/2022/EBA-GL-2022-05%20GLs%20on%20AML%20compliance%20officers/1035126/Guidelines%20on%20AMLCFT%20compliance%20officers.pdf
MEPs present plans to crack down on financial crime with new Anti-Money Laundering Authority
https://www.europarl.europa.eu/news/en/press-room/20220613IPR32836/meps-present-plans-for-new-anti-money-laundering-authority
ACAMS Ukraine crisis hub
https://www.acams.org/en/ukraine-crisis-rapid-response-resources#rapid-response-briefs-6c1b6814
https://www.moneylaundering.com/news/hunt-for-russian-wealth-exposes-eus-sanctions-shortcomings/
'Reputation launderers,' disinformation campaigns hinder sanctions and financial crime compliance efforts
https://www.jdsupra.com/legalnews/reputation-launderers-disinformation-8673225/
Amendments to the Money Laundering, Terrorist Financing and Transfer of funds (information on the payer) regulations 2018 statutory instrument 2022, response to the consultation
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1082704/MLRs_SI_2022_-_Consultation_Response.pdf
New Office of Financial Sanctions Implementation (OFSI) penalty guidance
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1081195/OFSI_Enforcement_guidance_June_2022.pdf
Putin's People by Catherine Belton
https://www.theatlantic.com/magazine/archive/2020/09/catherine-belton-putins-people/614212/
Lazarus Heist: North Korean hacks
https://www.bbc.co.uk/programmes/w13xtvg9/episodes/downloads
Superyachts:
https://news.sky.com/story/pr-stunt-captain-of-38m-superyacht-seized-in-london-says-govt-has-got-the-wrong-guy-12634728
U.S. Treasury defines ‘new investments’
https://www.linkedin.com/posts/amlwolf_treasury-defines-new-investment-activity-6942883691002019840-Alqm?utm_source=linkedin_share&utm_medium=ios_app
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the fifth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Rachel Wolcott Engler to look at the compliance challenges posed by increasingly vulnerable customers.
Compliance officers are used to the concept of vulnerable customers and the need to take additional care to ensure consistently good customer outcomes but with a cost-of-living crisis, digital transformation and a new UK consumer duty the challenges are growing.
Links to content referenced in the discussion:
UK Finance vulnerability academy https://www.ukfinance.org.uk/events-training/vulnerability-academy-october-2021
Article on giving FCA a "have regard to" financial inclusion https://www.jdsupra.com/legalnews/call-for-fca-to-be-required-to-have-6787510/
Firms & individuals getting it wrong in past:
Lloyds mortgage customers 2017 https://www.fca.org.uk/news/press-releases/lloyds-banking-group-redress-scheme-mortgage-arrears-customers
Moneybarn fine https://www.fca.org.uk/news/press-releases/fca-fines-moneybarn-277m-unfair-treatment-customers-arrears
Steven Martin of Quick Purchase https://www.fca.org.uk/publication/final-notices/final-notice-steve-martin-quick-purchase.pdf
Wonga redress notice https://www.fca.org.uk/news/press-releases/wonga-pay-redress-unfair-debt-collection-practices#:~:text=Wonga%2C%20the%20UK's%20biggest%20payday,and%20misleading%20debt%20collection%20practices.
Useful FCA guidance:
Guidance on fair treatment of vulnerable customers https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers
Persistent credit card debt https://www.fca.org.uk/news/press-releases/fca-tells-credit-card-firms-review-their-approach-persistent-debt-customers
Arrears, payment shortfalls and repossession chapter of Handbook https://www.handbook.fca.org.uk/handbook/MCOB/13.pdf
FCA speeches
https://www.fca.org.uk/news/speeches/keeping-pace-rising-costs-improving-financial-inclusion-consumers
https://www.fca.org.uk/news/speeches/supporting-consumers-challenging-times
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the fourth episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined
by Lindsey Rogerson and Henry Engler to look again at ESG – that is environmental, social and
corporate governance and the strain the good intentions are coming under from an uneven global
approach, the war in Ukraine and increasing economic challenges.
Links to content referenced in the discussion:
Article on ISSB standards and how they link to EU and US proposals http://go-ri.tr.com/SZiOMZ
Link to ISSB consultation IFRS - Open for comment
Link to EU sustainability reporting standards consultation
Public consultation on the first set of Draft ESRS - EFRAG
Link to EU Commission Q&A on SFDR
https://www.esma.europa.eu/sites/default/files/library/c_2022_3051_f1_annex_en_v3_p1_1930070.pdf
Link to SEC enforcement action against BNY Mellon Investment Adviser on ESG considerations
https://www.sec.gov/news/press-release/2022-86
Link to SEC proposed rule on company climate disclosures
https://www.sec.gov/rules/proposed/2022/33-11061.pdf
Gary Gensler, chair of SEC, video explainer on climate-related disclosure proposal
https://www.youtube.com/watch?v=MacoRZSLzTc
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the third episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan and Mike Cowan to consider the evolving supervisory approach to conduct risk which is a feature of a principles-based approach to financial services regulation and is seeking to ensure that firms put, and are seen to put, the customer first.
Firms need to be aware that many regulators around the world are trying to stamp out a tick-box and overly legalistic approach to compliance together with the issues that come from complying with only the letter (rather than the spirit) of the rulebook.
Links to content referenced in the discussion:
UK Financial Conduct Authority (FCA) new consumer duty to drive ‘fundamental shift’ in mindset
https://www.fca.org.uk/news/press-releases/fca-introduce-new-consumer-duty-drive-fundamental-shift-industry-mindset
FCA five conduct risk questions for firms https://www.fca.org.uk/firms/5-conduct-questions-programme
Impact Analysis: https://www.linkedin.com/posts/helenhchan_sfc-complaints-handling-compliance-deficiencies-activity-6935401566321418240-M-5R?utm_source=linkedin_share&utm_medium=member_desktop_web
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the second episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Rachel Wolcott and Mike Cowan looking again at operational risk with, in particular, a focus on the impact of cyber on operational risk and resilience.
Links to content referenced in the discussion:
Operational resilience: next steps on the PRA’s supervisory roadmap − speech by David Bailey, UK Prudential Regulation Authority
https://www.bankofengland.co.uk/speech/2022/april/david-bailey-speaker-at-uk-finance-event-operational-resilience-beyond-2022
SS2/21 Outsourcing and third party risk management:
https://www.bankofengland.co.uk/prudential-regulation/publication/2021/march/outsourcing-and-third-party-risk-management-ss
SEC Charges Five Russians in $80 Million Hacking and Trading Scheme
https://www.sec.gov/news/press-release/2021-265
SEC Announces Three Actions Charging Deficient Cybersecurity Procedures
https://www.sec.gov/news/press-release/2021-169
EU NIS 2 Directive
https://ec.europa.eu/commission/presscorner/detail/en/ip_22_2985
The European Banking Authority's (EBA) Report on Convergence of Supervisory Practices in 2021
https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Reports/2022/1032485/Report%20on%20convergence%20of%20supervisory%20practices%20in%202021.pdf
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the first episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Todd Ehret and Joe Raczynski to discuss the latest Thomson Reuters special report on all things crypto and the complex regulatory future which is beginning to emerge.
Links to content referenced in the discussion:
A digital version of the special report ‘Cryptos on Rise 2022’ can be found here https://www.thomsonreuters.com/en/reports/cryptos-on-the-rise-2022.html
The takedown of Hydra
https://www.linkedin.com/posts/todd-ehret-91827264_takedown-of-darknet-market-hydra-rise-of-activity-6930176733211979776-mfyq?utm_source=linkedin_share&utm_medium=member_desktop_web
The increasing U.S. political awareness around cryptos
https://www.linkedin.com/posts/todd-ehret-91827264_cryptos-enter-politics-the-emergence-of-activity-6930181643701764096-ucCE?utm_source=linkedin_share&utm_medium=member_desktop_web
Further background and articles by Joe Raczynski can be found below
https://www.thomsonreuters.com/en/profiles/joseph-raczynski.html
https://joetechnologist.com/
https://www.josephraczynski.com/
Mind-shifting into blockchain, cryptocurrency, and the future of asset ownership in the metaverse
https://www.thomsonreuters.com/en/careers/careers-blog/mind-shifting-into-blockchain-cryptocurrency-and-future-of-asset-ownership-in-metaverse.html
Bye-bye, banks! Hello DeFi… Our bankless society has officially begun
https://www.thomsonreuters.com/en-us/posts/legal/defi-bankless-society/
Non-fungible Tokens: Asset ownership via blockchain rockets into legal
https://www.thomsonreuters.com/en-us/posts/legal/non-fungible-tokens-legal/
TV interview with Susannah chatting about the cryptos special report:
https://cdnapisec.kaltura.com/p/2363721/embedPlaykitJs/uiconf_id/49993563?iframeembed=true&entry_id=1_vy1ibvbm
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the tenth, and last, episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Rachel Wolcott and Brett Wolf to take a look at the current state of play with sanctions and the intended and unintended consequences emerging from the response to the conflict in Ukraine.
Links to content referenced in the discussion:
Imposition of sanctions deemed to be symbolic https://www.linkedin.com/posts/amlwolf_putin-sanctioned-activity-6904888722626871296-9Swn?utm_source=linkedin_share&utm_medium=ios_app
Banks with cryptos exposure need to act to mitigate sanctions invasion risk https://www.linkedin.com/posts/amlwolf_managing-russia-sanctions-evasion-tied-to-activity-6907361899344994304-yumm?utm_source=linkedin_share&utm_medium=ios_app
UK FCA statement https://www.fca.org.uk/news/statements/new-financial-sanctions-measures-relation-russia#revisions
Operational resilience impact https://www.fca.org.uk/firms/operational-resilience/russian-invasion-ukraine
Use of side pockets for asset managers https://www.fca.org.uk/news/statements/fca-consult-use-side-pockets-retail-funds-exposure-sanctioned-and-suspended-russian-assets
UK Treasury report on sanctions https://publications.parliament.uk/pa/cm5802/cmselect/cmtreasy/1186/summary.html
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the ninth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson to take a look at look at all things Islamic finance. Not every financial services firm is going to choose to consider Islamic finance as a strategic opportunity, but it is an area with substantial global potential both in terms of growth and in its ‘green’ credentials. It is also one in which risk and compliance functions would be required to play a critical role.
Links to content referenced in the discussion:
Link to TRRI Islamic finance quarterly roundup: Q4 2021 https://www.linkedin.com/posts/susannahhammond_islamic-finance-quarterly-update-q4-2021-activity-6912316840622891008-ByB-?utm_source=linkedin_share&utm_medium=member_desktop_web
Link to UK Islamic Finance Council and UN Development Programmes joint paper on Innovation in Islamic Finance: green sukuk for SDGs https://www.ukifc.com/wp-content/uploads/2021/09/UKIFC21_Green_Sukuk_v1-2_20210927.pdf
Link to House of Commons briefing paper on Islamic alternative to student loans https://commonslibrary.parliament.uk/sharia-compliant-alternative-student-finance/
Link to Fitch article on Garuda Airlines sukuk default https://www.fitchratings.com/research/corporate-finance/garuda-airlines-sukuk-default-resolution-could-set-precedent-in-indonesia-06-07-2021
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the eighth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan to take a look at look at the challenges for risk and compliance functions posed by corporate investigations particularly with a backdrop of geopolitical tensions and with examples from, in the most part, Asia.
Links to content referenced in the discussion:
Impact of China’s ‘unreliable entity’ list https://www.linkedin.com/posts/helenhchan_unreliable-entity-list-overview-activity-6907901406703943680-pzit
Compliance risks for overseas listed Chinese companies https://www.linkedin.com/posts/helenhchan_compliance-risks-for-overseas-listed-chinese-activity-6876078181410058240-BmHK
New draft measures from the Cyberspace Administration of China on security assessments for cross-border data transfers is expected to impact business https://www.linkedin.com/posts/helenhchan_cac-draft-measures-activity-6869223709106946048-C-j5
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the seventh episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Michael Cowan to take a look at the challenges and indeed threat posed by Big Tech to mainstream financial services.
The perceived benefits of allowing tech firms to operate with a banking licence are seen to be ‘compelling but require scrutiny’. Unburdened by legacy infrastructure, tech firms often offer superior technology and user-friendly apps that may allow them to reach more consumers and perform various aspects of the banking business (onboarding, deposit-taking, lending, payments) more efficiently than incumbents.
Links to content referenced in the discussion:
Financial Stability Institute ‘Gatekeeping the gatekeepers’ paper (link is: https://www.bis.org/fsi/publ/insights39.pdf )
Kelly report on Co-op Bank (link is: https://assets.ctfassets.net/5ywmq66472jr/3LpckmtCnuWiuuuEM2qAsw/9bc99b1cd941261bca5d674724873deb/kelly-review.pdf )
Link to Department of Culture, Media and Sport statement on adding paid-for advertising to Online Safety Bill https://www.gov.uk/government/news/major-law-changes-to-protect-people-from-scam-adverts-online
Link to article on joint Parliamentary committee draft report on the Online Safety Bill https://www.linkedin.com/feed/update/urn:li:activity:6907301343145693184/
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the sixth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Hedwige Nuyens who is, among other things, the chair of European Women on Boards to celebrate International Womens Day.
“Any workplace that fails to harness the energy and creativity of its women is at a huge disadvantage in the modern world."
Links to content referenced in the discussion:
World Economic Forum Global Gender Gap report https://www.internationalwomensday.com/Missions/14537/World-Economic-Forum-Global-Gender-Gap-Report-showed-equality-99-years-away
LeanIn and McKinsey & Co Women in the Workplace report reveals over 1 in 4 women may downshift or leave their careers https://www.internationalwomensday.com/Missions/15573/LeanIn-and-McKinsey-Co-Women-in-the-Workplace-report-reveals-over-1-in-4-women-may-downshift-or-leave-their-careers
Ursula von der Leyen, President of the European Commission, the Gender Diversity Index report for 2021 and other useful presentations https://europeanwomenonboards.eu/portfolio/2021-gender-diversity-index/
Link to my article on Menopause in the Workplace report https://www.jdsupra.com/legalnews/banks-need-menopause-policies-to-retain-4772441/#:~:text=October%2018%2C%202021-,Banks%20need%20menopause%20policies%20to%20retain%20pipeline%20of%20talent,senior%20ranks%2C%20Standard%20Chartered%20says&text=Financial%20services%20firms%20are%20losing,a%20study%20published%20October%2018
Link to FCA pilot diversity data https://www.onlinesurveys.fca.org.uk/CP/File.php?F=F_6A9kXyooLnFWJ7g
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the fifth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Rachel Wolcott, to discuss where we are now with Brexit. In one sense Brexit seems a pre-pandemic age ago – Brexit day was 31st January 2020 before COVID became headline news and before the world went into lockdown. So, a couple of years on from Brexit while there hasn’t been the ‘bonfire of the regulations’ what we have seen is incremental granular creeping change.
Links to content referenced in the discussion:
AFME letter to ECOFIN https://www.afme.eu/Events/Detail?eventId=c198d973-a37a-ec11-8d21-00224843337e#event-agenda
FCA Regulatory Initiatives Grid, November 2021 https://www.fca.org.uk/publication/corporate/regulatory-intitiatives-grid-november-2021.pdf
EFAMA paper on MiFIR reform https://www.efama.org/newsroom/news/efama-position-mifir-review-buy-side-view-consolidated-and-market-structure-reforms
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the fourth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Stacey English, director of market intelligence at Theta Lake, to discuss all things hybrid working – what we were all bounced into at the start of the pandemic has, in some shape or form, become the new normal with many, if not all, financial services firms adopting some sort of flexible working going forward.
Links to content referenced in the discussion:
10 compliance risks of using Zoom, Microsoft Team and other collaboration platforms: https://www.linkedin.com/posts/stenglish_compliance-risks-of-using-zoom-teams-webex-activity-6895341224052801536-Ogzk
Compliance and security for modern communications like Zoom, Microsoft Teams and Webex: https://thetalake.com/
Theta Lake 2021 Modern Communications Survey Report: The Security And Compliance Risks Of Collaboration Tool Usage In Financial Services: https://pages.thetalake.com/2021-modern-communications-survey-report
European Commission declaration on digital rights: file:///C:/Users/u6067039/Downloads/Commission_puts_forward_declaration_on_digital_rights_and_principles_for_everyone_in_the_EU.pdf
UK Information Commissioner's Office feedback statement on employment practices and data protection: https://ico.org.uk/media/about-the-ico/consultation-responses/4019364/employment-call-for-views-summary-report-v1_0.pdf
UK FCA risk management checklist for remote or hybrid working https://www.fca.org.uk/firms/remote-hybrid-working-expectations
The Thomson Reuters 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the third episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Alex Robson, Rachel Wolcott and Brett Wolf to take a fresh look at how the implications of tackling financial crime are beginning to shape up. There is a wide swathe of financial crime challenges for 2022 with both the European Union and the UK seeking to breathe life into their anti-money laundering regimes which are perceived to be ‘weak’. On the other side of the pond the U.S. there are warnings of swift economic penalties and sanctions should Russia intervene in Ukraine. And of course, if imposed, they would need to be applied suddenly in the middle of a crisis, thus creating even sharper challenges for compliance, risk, and legal departments.
In January 2022, the UK FCA published ‘Heads of compliance and MLRO applicant competency and capability’ https://www.fca.org.uk/firms/approved-persons/heads-compliance-mlro-applicant-competency-capability.
INTERVIEW-Ransomware a top crypto AML risk in 2022; NFTs a potential fraud threat - https://reut.rs/3uxwhUT
Banks, money transmitters, must prepare as FinCEN plans new anti-laundering, risk assessment rules - https://www.linkedin.com/posts/amlwolf_fincen-regulatory-planning-prompts-industry-activity-6895483060864065537-pd3G
U.S. Treasury Department works to help human trafficking victims access banks, Yellen says - https://www.linkedin.com/posts/amlwolf_bank-access-for-human-trafficking-victims-activity-6892168193054781442-PeHt
UK's inadequate economic crime response has allowed fraud, money laundering to flourish, MPs say - https://www.jdsupra.com/legalnews/uk-s-inadequate-economic-crime-response-1760888/
The 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the second episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to discuss the five key risks for senior managers in financial services firms in 2022. Now at the start of 2022, financial institutions need to consider the changes they might need to make permanent after their largely successful response to the COVID-19 pandemic. A combination of flexibility, deployment of technology and, in the case of banks, balance sheets which had been substantially bolstered following the financial crisis, all helped meet the unprecedented challenges in early 2020. It is likely that for many firms, work is already underway to reassess the strategic approach, together with associated policies, procedures and control infrastructure. The risks financial services firms run are institution-specific but there are some high-level risks applicable to all firms, irrespective of geography or sector.
The full five key risks for firms in 2022 can be downloaded from here: https://legal.thomsonreuters.com/en/insights/reports/5-key-risks-for-firms-in-2022
TV interview with Susannah discussing the five key risks can be viewed here: https://cdnapisec.kaltura.com/p/2363721/sp/236372100/embedIframeJs/uiconf_id/49465922/partner_id/2363721?iframeembed=true&playerId=kaltura_player_1643735688&entry_id=1_cryd0pq8
The 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC
Special reports mentioned in the podcast:
ESG: Fast-emerging challenges for financial institutions report https://www.thomsonreuters.com/en-us/posts/legal/esg-report-2021/
Cryptos on the rise report https://www.thomsonreuters.com.sg/en/resources/cryptos-on-the-rise.html
Fintech, regtech and the role of compliance in 2022 report https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-and-the-role-of-compliance-in-2022/form
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the first episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to discuss the ten things the compliance officers of financial services firms need to consider in 2022.
Heading into 2022, the pandemic should have been in the rear-view mirror, but instead the world is dealing with the impact of another variant of COVID-19. Many financial services firms had scheduled post-pandemic reviews but those have morphed into a rolling review of the efficacy of hybrid working arrangements.
As ever, risk and compliance officers will play a central role in preparing their firms for all eventualities. The list of issues for compliance officers to consider will of course be firm and business specific but there are number of areas which all compliance officers regardless of jurisdiction or sector will need to consider in the coming year.
As discussed in the podcast here are some additional resources:
The full ten things compliance officers need to consider in 2022 can be downloaded from here: https://legal.thomsonreuters.com/en/insights/reports/10-things-compliance-officers-need-to-consider-in-2022.
The 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the tenth, and last, episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Mike Cowan her co-author on the report Fintech, regtech and the role of compliance in 2022. The subtitle of the report is “challenges arising from technological opportunities” which gives a sense of the findings. It is clear that digital transformation has been a fundamental enabler for financial services firms particularly in navigating the pandemic. Indeed, it is hard to underestimate the opportunities firms can derive from the robust implementation of technological solutions but maximising their potential can present challenges. And the most significant challenges highlighted by respondents to this year's survey concerned four key areas - data, operational resilience, the management of third parties and skill sets.
The Fintech, regtech and role of compliance report 2022 can be downloaded from: https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-and-the-role-of-compliance-in-2022
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In the ninth episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Lindsey Rogerson and Henry Engler to revisit ESG – that is environmental, social and corporate governance with a particular focus on the ‘G’ – governance together with the ramifications for financial services firms coming out of COP26.
For the last couple of weeks practically every headline has been about COP26 and the agreements reached or indeed not reached. Those agreements and the governance element of ESG are inextricably linked – without robust corporate governance financial service firms (among others) will simply not be able to deliver on the environmental and social challenges.
As mentioned in the podcast some additional resources:
Formation of International Sustainability Standards Board "pivotal moment" https://www.linkedin.com/feed/update/urn:li:activity:6869302667005571072/
COP26 Deforestation & methane pledges will help banks, asset managers get to net zero
https://www.thomsonreuters.com/en-us/posts/news-and-media/cop26-deforestation-methane-pledges/?utm_source=TRI&utm_medium=Social&utm_campaign=Govt_COP26_Deforestation_Methane_Pledges_Social
Link to prototype ISSB climate standard
https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf
Link to prototype ISSB general standard
https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-general-requirements-prototype.pdf
Oliver Wyman - Climate And Compliance The Time To Engage Is Now!
https://www.oliverwyman.com/content/dam/oliver-wyman/v2/publications/2021/oct/Climate_and_compliance_.pdf
Special report: ESG report highlights new challenges for financial institutions
https://www.thomsonreuters.com/en-us/posts/legal/esg-report-2021/
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the eighth episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Todd Ehret to take another look at cryptos. In a wide-ranging discussion, we update on both developments in the U.S. and the evolving picture for Central Bank Digital Currencies together with a debate as to whether or not all things crypto are actually regulatable. Or is that mission impossible?
As mentioned in the podcast, here are some additional resources:
INSIGHT: Coinbase proposal for U.S. crypto regulatory framework may kickstart process
https://www.linkedin.com/posts/todd-ehret-91827264_coinbase-proposal-for-a-regulatory-framework-activity-6867108724322918400-N-sl
G7 public policy principles for retail CBDCs
https://www.linkedin.com/posts/susannahhammond_g7-public-policy-principles-for-retail-cbdcs-activity-6867035415677816832-whqM
Blog U.S. crypto framework begins to evolve
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/us-crypto-framework-evolves/
Special report: Cryptos on the rise
https://www.thomsonreuters.com.sg/en/resources/cryptos-on-the-rise.html
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence
n the seventh episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Rachel Wolcott and Mike Cowan to consider operational resilience with a particular focus on the supply chain, outsourcing and third parties. The discussion will cover the latest regulatory developments, the timeline to a raft of new reporting obligations and the need for compliance functions to be, and stay, involved in all things operational resilience.
As discussed in the podcast here are some additional resources:
Outages focus UK regulators on market infrastructure operational resilience
https://www.linkedin.com/feed/update/urn:li:activity:6864862477658669056/
Operational resilience risk posed by third parties, cloud will be a post-pandemic focus, central bankers say
https://www.linkedin.com/feed/update/urn:li:activity:6864863665368129536/
IOSCO updates outsourcing principles to ensure operational resilience
https://www.linkedin.com/posts/michael-cowan-00768049_iosco-principles-on-outsourcing-activity-6864602910722936832-nwS8
FSB calls for standardisation of cyber incident reporting
https://www.linkedin.com/posts/michael-cowan-00768049_fsb-cyber-incident-reporting-activity-6864602291320721408-4SEj
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In the sixth of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Rachel Wolcott to assess the persistence of market abuse, not just as a result of hybrid working but as a continuing supervisory focus. This episode takes a look at where we are now, discusses recent cases and gives an insight into what compliance officers need to consider in the continuing battle against market abuse and manipulation.
As discussed in the podcast here are some additional resources:
Insider dealing convictions of UBS compliance officer and day trader upheld, December 2020
https://www.fca.org.uk/news/press-releases/insider-dealing-convictions-upheld-court-appeal
FCA considering broader action on trading influencers after signalling case judgment
https://www.jdsupra.com/legalnews/fca-considering-broader-action-on-2280957/
FCA Market Watch 66
https://www.fca.org.uk/publications/newsletters/market-watch-66
FCA fines and prohibits hedge fund Chief Investment Officer for market abuse
https://www.fca.org.uk/news/press-releases/fca-fines-and-prohibits-hedge-fund-chief-investment-officer-market-abuse
FCA fines TFS-ICAP £3.44 million for market misconduct
https://www.fca.org.uk/news/press-releases/fca-fines-tfs-icap-market-misconduct
Tesco to pay redress for market abuse
https://www.fca.org.uk/news/press-releases/tesco-pay-redress-market-abuse
Insider dealers sentenced in Operation Tabernula trial
https://www.fca.org.uk/news/press-releases/insider-dealers-sentenced-operation-tabernula-trial
FCA commences criminal proceedings against brothers for insider dealing and fraud
https://www.fca.org.uk/news/press-releases/fca-commences-criminal-proceedings-against-brothers-insider-dealing-and-fraud
Focus on market abuse highlights need for effective approach to ‘dawn raids’
https://www.linkedin.com/posts/susannahhammond_market-abuse-dawn-raids-activity-6859152841676746753-reat
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In the fifth episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Rachel Wolcott and Todd Ehret to discuss the continuing regulatory dilemma surrounding all things cryptos, crypto firms themselves and the potential direction of regulatory travel.
Special report: Cryptos on the rise https://www.thomsonreuters.com.sg/en/resources/cryptos-on-the-rise.html
US crypto framework starts to take shape https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/us-crypto-framework-evolves/?utm_source=TRI&utm_medium=Social&utm_campaign=Fraud_and_Risk_US_Crypto_Framework_Evolves_Social
Perimeter Report 2020/21 https://www.fca.org.uk/publication/annual-reports/perimeter-report-2020-21.pdf
https://tabbforum.com/opinions/inexperienced-mlros-poor-applications-fca-vetting-create-barriers-for-crypto-firms-regulatory-approval/
Binance continues FCA engagement, opaque corporate structure an issue https://www.linkedin.com/feed/update/urn:li:activity:6859513325148004353/
Textbook market abuse observed in Bitcoin Futures https://www.linkedin.com/feed/update/urn:li:activity:6859514841615405056/
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In the fourth episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Rachel Wolcott and Todd Ehret to take a look at the developing issues and what good is beginning to look like for the evolving management of personal accountability. Not only are accountability regimes proliferating around the world but also firms and their compliance officers need to also consider an increasingly wide range of non-financial misconduct when assessing whether or not individuals are, and remain, fit and proper. And individuals need to be considered ‘fit and proper’ in order to be a licensed or registered employee and thus authorised to undertake financial services.
As discussed in the podcast here are some additional resources:
New York City Bar Association proposals for compliance officer liability https://www.nycbar.org/member-and-career-services/committees/reports-listing/reports/detail/framework-for-chief-compliance-officer-liability
Survey of graduates around the world https://www.cfainstitute.org/-/media/documents/survey/Graduate-Outlook-Survey-2021.ashx
UK senior managers and certification regime stocktake https://www.fca.org.uk/publications/multi-firm-reviews/senior-managers-and-certification-regime-banking-stocktake-report
Firms' recruitment procedures require change to meet regulators' diversity and suitability requirements https://www.jdsupra.com/legalnews/firms-recruitment-procedures-require-8560749/
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the third episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Lindsey Rogerson, Helen Chan and Henry Engler to take a global look at the developing issues and what good is beginning to look like for managing ESG as a strategic priority.
Virtually every industry is affected by the collective efforts of governments to tackle climate change, the effects of which have become all too stark in 2021 – those efforts have been collectively badged as ESG. In last week’s episode we spoke about diversity which has also fallen under the umbrella of ESG and is another challenge for risk and compliance functions. This episode is going to consider ESG in a much wider sense - financial services firms are, for instance, heavily involved managing the transition from a fossil fuel-dominated economy to one supported by renewable energy.
As discussed in the podcast here are some additional resources:
TRRI’s new ESG report https://www.thomsonreuters.com/en-us/posts/legal/esg-report-2021/
New York Fed paper that looks into stress testing banks for climate risk. https://www.newyorkfed.org/research/staff_reports/sr977
Bank of Japan statement that they will begin providing zero-interest funds to financial institutions for loans and investments that contribute to addressing climate change. https://www.boj.or.jp/en/announcements/press/koen_2021/ko211005a.htm/
ESG questions in palm oil production post compliance, reputational risk for financial firms https://www.linkedin.com/posts/helenhchan_esg-questions-in-palm-oil-production-considerations-activity-6854614204649996288-I6Rw
Banks need COP26 to deliver key milestones for the transition https://www.linkedin.com/feed/update/urn:li:activity:6854715735319674881/
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the second episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Lindsey Rogerson and Henry Engler to discuss the increasing importance of diversity issues for financial services firms. Diversity, in and of itself, is an important issue but it has risen up regulatory agenda as it come under the umbrella of ESG issues which are fast becoming a strategic priority for firms and regulators alike. Alongside the headline grabbing need to tackle climate change, questions around human rights, social justice, and human diversity now also need to be managed alongside firms’ more traditional values and concerns.
As discussed in the podcast here are some additional resources:
TRRI’s new ESG report https://www.thomsonreuters.com/en-us/posts/legal/esg-report-2021/
Article summarising a New York Fed webinar on diversity: https://www.reuters.com/article/bc-finreg-corporate-diversity/corporate-diversity-inclusion-needs-focus-on-middle-management-influential-employees-ny-fed-webinar-idUSKBN2B11I4
Stanford University study of how U.S. companies have responded to a 2020 SEC human disclosure rule that required them to share more information about their workforce. https://www.gsb.stanford.edu/faculty-research/publications/human-capital-disclosure-what-do-companies-say-about-their-most
Overview of U.S. SEC proposals on diversity disclosures https://www.reuters.com/world/us/us-sec-prepares-take-corporate-america-over-workforce-disclosures-2021-08-16/
Harvard Business Review article that argues: “Increasing diversity does not, by itself, increase effectiveness; what matters is how an organization harnesses diversity, and whether it’s willing to reshape its power structure.” https://hbr.org/2020/11/getting-serious-about-diversity-enough-already-with-the-business-case
Link to Regulatory Intelligence article UK regulators plan pilot diversity data collection, regular reporting to follow https://www.linkedin.com/feed/update/urn:li:activity:6851538365377069056/
Link to Regulatory Intelligence article Collecting and protecting diversity data in the finance sector: critical considerations https://www.linkedin.com/feed/update/urn:li:activity:6851540501397667840/
The UK’s Social Mobility Commission’s socio-economic questions https://socialmobilityworks.org/toolkit/financial-and-professional-measurement/
Link to the McKinsey research on diverse company outperformance https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-the-path-to-the-next-normal/most-diverse-companies-now-more-likely-than-ever-to-outperform-financially
Link to academic paper which questions McKinsey's research https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3849562
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the first episode of season 3 of the Compliance Clarified podcast Susannah Hammond is joined by Helen Chan and Brett Wolf to discuss the shifting sands around sanctions. Sanctions screening, sanctions compliance and evidencing compliance with the patchwork quilt of under and overlapping requirements has never been easy, but it has got a whole lot more challenging in the wake of the Taliban take-over of Afghanistan and the emerging use of sanctions against a crypto exchange deemed to be a conduit for illicit funds. If that wasn’t challenging enough there are also the implications of the Chinese counter foreign sanctions law and where that leaves international firms in terms of compliance.
As discussed in the podcast here are some additional resources:
UAE central bank guidance on sanctions screening and transaction reporting: https://www.linkedin.com/posts/susannahhammond_uae-central-bank-guidance-on-sanctions-screening-activity-6848249167937077248-BfUi
U.S. Treasury Department issues two general licenses aimed at ensuring a continued flow of humanitarian aid to Afghanistan https://www.linkedin.com/posts/amlwolf_ofac-licenses-afghanistan-activity-6848247094038319104-C49D
The need for "high-alert" due diligence with regard to Afghanistan https://www.linkedin.com/feed/update/urn:li:activity:6834530562347200512/
Implications of transactions with the Afghan government vs humanitarian aid https://www.linkedin.com/feed/update/urn:li:activity:6838915397341777920/
Firms likely to ‘wholesale de-risk’ from Afghanistan https://www.linkedin.com/feed/update/urn:li:activity:6837037096738320384/
China’s countermeasures sanctions regime and the implications for compliance functions. https://www.linkedin.com/posts/helenhchan_china-countermeasures-sanctions-regime-activity-6848540647100706816-QIuj
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the final episode of the second series of Compliance Clarified, Mike Cowan and Lindsey Rogerson joins Susannah Hammond to discuss the growth of personal accountability regimes.
In the wake of the 2008 global financial crisis lawmakers in countries from the UK to Singapore viewed personal accountability regimes as a way to hold individuals responsible for any future financial failures. But are they delivering? Regulators in the UK certainly say they are and responsibility maps and personal accountability statements have certainly given clarity over who is in charge of what, but scratch the surface and the jury is still out on when it comes to removing bad apples. And do regulators actually need personal accountability regimes to hold individuals to account in the first place? A recent case from Ireland suggests not.
As discussed in the podcast here are some additional resources:
UK - Evaluation of the Senior Managers and Certification Regime -
https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/report/evaluation-of-smcr-2020.pdf?la=en&hash=151E78315E5C50E70A6B8B08AE3D5E93563D0168
Australia - Implementation of the Banking Executive Accountability Regime (BEAR) - https://www.apra.gov.au/sites/default/files/2020-12/BEAR%20information%20paper%20December%202020.pdf
The sixth annual “Fintech, regtech and the role of compliance” survey is now open – if you would like to take part please click here - https://www.surveygizmo.com/s3/6393510/Fintech-Regtech-and-the-Role-of-Compliance-in-2022
The survey should take no longer than 10 minutes to complete. All information will be treated in the strictest confidence and the results will be shared anonymously through a special report which will be available by the end of 2021.
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the ninth episode of series 2 of the Compliance Clarified podcast Susannah Hammond is joined by Lindsey Rogerson to discuss the growing need for technology skills in financial services firms.
Technological innovation and digital transformation are changing the face of financial services and meeting the challenges of technological innovation needs the appropriate skills.
As discussed in the podcast here are some additional resources:
ABI's Make Flexible Work campaign https://www.abi.org.uk/about-the-abi/abi-diversity-hub/flexible-working/
Financial Services Skills Commission Skills for Future Success Report https://wp.financialservicesskills.org/wp-content/uploads/2021/06/Skills-for-Future-Success-2021-vF2-Single.pdf
The sixth annual “Fintech, regtech and the role of compliance” survey is now open – if you would like to take part please click here - https://www.surveygizmo.com/s3/6393510/Fintech-Regtech-and-the-Role-of-Compliance-in-2022
The survey should take no longer than 10 minutes to complete. All information will be treated in the strictest confidence and the results will be shared anonymously through a special report which will be available by the end of 2021.
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the eighth episode of the Compliance Clarified podcast Susannah Hammond is joined by Mike Cowan, Lindsey Rogerson and Rachel Walcott to discuss where we are now on culture in financial services.
The wide-ranging discussion covers cultural indicators, the challenges around trying to change culture and has practical takeaways for compliance officers.
As discussed in the podcast here are some additional resources:
Harvard Business Review summary of Kyle Welch and Stephen Stubben research into ‘speak up’ and whistleblowing leading to fewer fines https://hbr.org/2020/01/throw-out-your-assumptions-about-whistleblowing
Details of the upcoming ISO37002 on whistleblowing management systems https://committee.iso.org/sites/tc309/home/projects/ongoing/ongoing-2.html
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the seventh episode of the Compliance Clarified podcast Susannah Hammond is joined by Kevin Batteh of the Delta Strategy Group and Todd Ehret to discuss the potential of cryptos to make payments and transfers more efficient. The speed and reach of transactions, however, together with the potential for anonymous activity and for transactions without financial intermediaries, also make crypto-assets vulnerable to misuse and raise the risk of money laundering.
Policymakers, regulators and firms all need to play their part in ensuring that cryptos are as "safe" as possible, not only in terms of investment risk but also with regards to regulatory certainty and cyber resilience.
As discussed in the podcast here are some additional resources:
Article by Todd “U.S. cryptocurrency regulatory path appears long and complex” https://www.reuters.com/article/bc-finreg-cryptocurrency-regulatory-path-idUSKBN2BT211
TRRI special report “Cryptos on the rise”
https://www.thomsonreuters.com.sg/en/resources/cryptos-on-the-rise.html
Further details on Kevin Batteh and Delta Strategy Group https://deltastrategygroup.com/professionals/kevin-batteh and an article by Kevin https://www.coindesk.com/cftc-bitfinex-enforcement-bitcoin-exchanges
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In the sixth episode of the Compliance Clarified podcast Susannah Hammond is joined by Mike Cowan and Rachel Wolcott to discuss the increasing prominence of data governance. Data governance covers an exceedingly wide range of issues and is coming to the fore now as firms and regulators alike are moving away from spreadsheets and seeking to automate. Post pandemic the focus on automation and digital transformation is only going to increase. And with increasing automation comes new and potentially significant data risks and hence the need for data governance.
As mentioned in the podcast a couple of articles by Mike and Rachel
Data governance -firms now see data as a corporate asset https://www.linkedin.com/posts/michael-cowan-00768049_compliance-clarified-data-governance-activity-6813748542998355968-uN7k
Archegos capital and fundamental review of trading book https://www.linkedin.com/feed/update/urn:li:ugcPost:6813497390021046273/
And for further information on Thomson Reuters Regulatory Intelligence please see https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In the fifth episode of the Compliance Clarified podcast Susannah Hammond is joined by Helen Chan and Todd Ehret to discuss the wide-ranging implications for financial services firms and their compliance officers arising from antitrust issues.
Antitrust rules and requirements around the world are all aimed at preventing anti-competitive behaviour and possible abuse of a dominant market position. Cases in Asia, the U.S. and Europe are all highlighted alongside other aspects including data, its use and possible abuse in a dominant market position and its emergence as a systemic risk in its own right. And then also concentration risk from both the use of the cloud and concentration of ownership.
As discussed in the podcast here are a couple of articles by Helen and Susannah:
EU Commission fines of 371m euros imposed on investment banks for participating in cartel for European government bonds
https://www.linkedin.com/posts/susannahhammond_bond-cartel-sanctions-spotlight-antitrust-activity-6811215412605263872-7UjC.
Antitrust crackdown on exclusionary conduct
https://www.linkedin.com/posts/helenhchan_antitrust-crackdown-on-exclusionary-conduct-activity-6800978831378411520-RHZP
In the fourth episode of the Compliance Clarified podcast Susannah Hammond, Brett Wolf and Nathan Lynch discuss the evolving impact of financial crime on financial services firms and their compliance officers.
The wide-ranging conversation ranges from the changing stance on sanctions coming from the U.S. to the recent actions of the global AML-standard setting Financial Action Task Force which has vowed to continue to crack down on opaque transactions tied to cryptocurrencies such as bitcoin.
Ransomware, the use of technology and the implications of the U.S. AML Act of 2020 also all feature.
As discussed in the podcast here are a selection of articles by Brett and Nathan:
Colonial Pipeline hack highlights blockchain activity
https://www.linkedin.com/posts/amlwolf_colonial-pipeline-hack-highlights-blockchain-activity-6806178253544460288-_IEQ
Senior Biden administration official discusses approach to sanctions https://www.linkedin.com/posts/amlwolf_senior-biden-wh-official-discusses-sanctions-activity-6806178505458536448-ltDD
Inside AML: How Australia’s banks joined forces to break open a “cuckoo smurfing” syndicate
https://insight.thomsonreuters.com.au/business/posts/inside-aml-how-australias-banks-joined-forces-to-break-open-a-cuckoo-smurfing-syndicate
FinCEN leaks expose personal risk of AML/CTF compliance enforcement
https://insight.thomsonreuters.com/mena/business/posts/fincen-leaks-expose-personal-risk-of-aml-ctf-compliance-enforcement
Public-private sectors must work together to restore trust, manage risks post-COVID
https://insight.thomsonreuters.com.au/business/posts/public-private-sectors-must-work-together-to-restore-trust-manage-risks-post-covid
New Zealand central bank has failed on AML/CFT supervision, says FATF
https://insight.thomsonreuters.com.au/business/posts/new-zealand-central-bank-has-failed-on-aml-cft-supervision-says-fatf
WEBINAR: Beyond the FinCEN files: Building a better framework for financial intelligence
https://insight.thomsonreuters.com.au/business/resources/resource/webinar-beyond-the-fincen-files-building-a-better-framework-for-regulatory-intelligence
FinCEN leaks highlight need for “radical” approach to tackling financial crime
https://insight.thomsonreuters.com.au/business/posts/fincen-leaks-highlight-need-for-radical-approach-to-tackling-financial-crime
Cash Converters in AUSTRAC’s gunsights, as regulator sizes up next enforcement targets
https://insight.thomsonreuters.com.au/business/posts/cash-converters-in-austracs-gunsights-as-regulator-sizes-up-next-enforcement-targets
In the third episode of the Compliance Clarified podcast Susannah Hammond and Lindsey Rogerson discuss all things remuneration and what compliance officers around the world need to consider.
The regulatory focus on remuneration, compensation and critically the design of bonuses goes back to the financial crisis and it’s a measure of how crucial good bonus design is seen to be that the very first thing the Financial Stability Board did in the wake of the financial crisis was to implement supranational compensation standards seeking to drive better risk-aware behaviours.
More than a decade later remuneration remains a key supervisory priority.
As discussed in the podcast here are a selection of articles by Susannah and Lindsey:
FSB cites UK good practice on compensation
https://www.linkedin.com/posts/susannahhammond_fsb-cites-uk-good-practice-on-compensation-activity-6805809779756277760-qmhx
Bank of England lab experiment on risks of relative performance pay
https://www.linkedin.com/posts/susannahhammond_bank-of-england-lab-experiment-on-relative-activity-6805811791650664448-bSl2
Form L Q3.05 – which was deleted by Prudential Regulation Authority 2018 and only restored in January 2021
https://www.linkedin.com/feed/update/urn:li:activity:6806614095530471424/
COVID-19 fairness hangover heightens conduct risk for financial firms
https://www.linkedin.com/feed/update/urn:li:activity:6806612121506471936/
In the second episode of the second series of Compliance Clarified Susannah Hammond and Mike Cowan discuss the findings of the 12th annual cost of compliance report - https://legal.thomsonreuters.com/en/insights/reports/the-cost-of-compliance-2021
The Thomson Reuters Regulatory Intelligence annual cost of compliance report is the trusted and acknowledged voice of risk and compliance practitioners around the world and the 2021 report looks at shaping the future set against a backdrop of widespread digital transformation, an evolving supranational regulatory change agenda and shifting political expectations of supervisors themselves.
There is a complimentary webinar on the cost of compliance 2021 on Wednesday 9th June 14:00–14:45 BST (09:00-09:45 EST). To register for the event, click here - https://cost-of-compliance.splashthat.com/trri
Welcome to the first episode of series 2 of Thomson Reuters Regulatory Intelligence’s Compliance Clarified podcast. For the second series we have an overarching theme of threats and particularly external ones – so there will be a recurring focus assessing what compliance functions need to consider which could impact their firm and the required good customer outcomes.
In this episode Susannah Hammond is joined by Mike Cowan and Rachel Wolcott to discuss operational resilience, specifically operational resilience at the board room table, why this is an issue now, what the regulators have done and then also what firms need to consider.
Below are the links mentioned in the podcast together with an article by Rachel:
Speech by Lyndon Nelson, Deputy CEO & Executive Director, Regulatory Operations and Supervisory Risk Specialists at the U.K. Prudential Regulation Authority, entitled ”Operational resilience – outcomes in practice” https://www.bankofengland.co.uk/speech/2021/may/lyndon-nelson-uk-finance-webinar-building-operational-resilience
Central Bank of Ireland consultation paper 140 on Cross Industry Guidance on Operational Resilience https://www.centralbank.ie/docs/default-source/publications/consultation-papers/cp140/cp140---cross-industry-guidance-on-operational-resilience.pdf?sfvrsn=5 ). Responses by July, 9 2021.
U.K. Financial Conduct Authority Insights from the 2020 Cyber Coordination Groups https://www.fca.org.uk/publications/research/insights-cyber-coordination-groups-2020
Article on UK banks showing more operational resilience understanding https://www.linkedin.com/feed/update/urn:li:activity:6800392346098794496/
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this last episode of the current season of the Compliance Clarified podcast series, Susannah Hammond, Lindsey Rogerson and Rachel Wolcott discuss all things Brexit. Specifically, what the future interaction and relationship between the UK and the EU might look like and what that may mean for financial services firms and their compliance officers.
The "Rachel" Lindsey refers to in this episode is Rachel Kent, Head of Financial Services Regulation at Hogan Lovells.
Below are the links mentioned in the podcast together with an article by Rachel on EMIR
Edwin Schooling Latter speech https://www.fca.org.uk/news/speeches/forward-look-regulation-uks-wholesale-financial-markets
EMIR article FCA to consult on EMIR reporting later in 2021; industry wants more guidance now https://www.linkedin.com/feed/update/urn:li:activity:6780859396474978304/
Landing page for EU/U.S. regulatory forum with minutes https://ec.europa.eu/info/publications/financial-services-regulation-regulatory-dialogues-usa_en
Landing page for the EU/Japan regulatory forum with minutes https://ec.europa.eu/info/publications/financial-services-regulation-high-level-meetings-japan_en
Further information on Thomson Reuters Regulatory Intelligence can be found here
https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond and Mike Cowan of Thomson Reuters Regulatory Intelligence discuss the Regtech governance lifecycle special report which explores what good governance looks like when applied to the implementation and embedding of regtech applications.
Regtech: the governance lifecycle report can be found here - https://legal.thomsonreuters.com/en/insights/reports/regtech-the-governance-lifecycle
A TV slot with Susannah Hammond discussing the regtech governance lifecycle report can be found here - https://cdnapisec.kaltura.com/p/2363721/sp/236372100/embedIframeJs/uiconf_id/47116063/partner_id/2363721?iframeembed=true&playerId=kaltura_player_1615892076&entry_id=1_r79vjq76
You can download the 5th annual Fintech, regtech and role of compliance report here - https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-compliance-report-2021
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
Episode 10 of Compliance Clarified takes a look at the findings of Dame Elizabeth Gloster’s report into the failure of London Capital & Finance plc and its ramifications for the UK Financial Conduct Authority. With Susannah Hammond to discuss the Gloster report, the Treasury Select Committee hearings and the likely future of the UK FCA are Lindsey Rogerson and Rachel Wolcott.
Related articles by Rachel:
FCA leadership's post-Gloster clampdown plans, prevention data stay as aspirations for now https://www.linkedin.com/feed/update/urn:li:ugcPost:6777187641088585729/
FCA to develop dashboards; will move uncooperative firms "out of the system far quicker" – CEO https://www.linkedin.com/feed/update/urn:li:activity:6777189844754935808/
Related articles by Lindsey:
Andrew Bailey (now governor of the Bank of England, previously CEO of FCA) on Gloster https://www.linkedin.com/feed/update/urn:li:activity:6777193661932425216/
Gloster report findings https://www.linkedin.com/feed/update/urn:li:activity:6777195085495975936/
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
Episode 9 examines climate risk and specifically the implications of the Sustainable Finance Disclosure Regulation or SFDR which comes into effect on March 10, 2021. With Susannah Hammond to discuss the myriad implications climate risk has for financial services firms are Mike Cowan, senior regulatory intelligence expert for TRRI and Lindsey Rogerson, senior editor, risk at TRRI.
Click on the below articles by Lindsey to learn more about some of the themes discussed:
Interview with Lise Kingo, then head of UN Compact - the ‘rhetoric gap’ https://blogs.thomsonreuters.com/answerson/banks-sustainability-un-compact-chief/
Problems for firms due to delay of Level 2 while Level 1 kicks in on time https://www.linkedin.com/posts/lindsey-rogerson-78401916a_firms-facing-sfdr-implementation-headache-activity-6772915745379766272-Z2_y
Open hearing on SFDR
https://www.linkedin.com/posts/lindsey-rogerson-78401916a_data-gaps-principle-adverse-impacts-and-activity-6772916898964344832-QNZo
Watch Mike Cowan’s interview on the impact of SFDR here -
https://cdnapisec.kaltura.com/p/2363721/sp/236372100/embedIframeJs/uiconf_id/47116063/partner_id/2363721?iframeembed=true&playerId=kaltura_player_1614793534&entry_id=1_xhniz8zc
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond and Todd Ehret of Thomson Reuters Regulatory Intelligence discuss the likely impact of not only the change in administration in the U.S. but also the GameStop volatility. In a wide ranging discussion, the potential practical ramifications of the proposed changes in personnel at the top of major regulatory bodies are considered together with the renewed political focus on investor protection, payment for order flows and the potential gamification of the market highlighted by GameStop.
Articles by Todd Ehret can be found here:
10 regulatory targets in the wake of the GameStop battle - https://www.linkedin.com/feed/update/urn:li:activity:6770029479369695232/
SEC and FINRA warn retail investors - https://www.linkedin.com/feed/update/urn:li:activity:6770434487458254848/
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond, Niall Coburn and Helen Chan of Thomson Reuters Regulatory Intelligence discuss China and the challenges of digital transformation. Digital transformation is happening at pace in China with the rise of dominant technology providers and the provision of services which will expand and diversify the landscape of the financial services sector.
The special report on China and digital transformation in both English and Mandarin can be downloaded here - https://www.thomsonreuters.cn/zh/insights/china-special-report-digital-transformation.html
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond and Mike Cowan of Thomson Reuters Regulatory Intelligence discuss five key risks for financial services firms in 2021 and highlight the continuing need for risk and compliance functions to be front and centre to enable their firms to thrive into the medium term.
The expert talk on five key risks for firms in 2021 can be found here - https://legal.thomsonreuters.com/en/insights/reports/five-key-risks-for-firms-in-2021
You can download the 5th annual Fintech, regtech and role of compliance report here - https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-compliance-report-2021
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond is joined by Rachel Wolcott, chief UK European correspondent, and Lindsey Rogerson, senior editor for Thomson Reuters Regulatory Intelligence, to discuss some of the emerging global topics for compliance practitioners in financial services firms today. Topics discussed include Brexit, approach to environmental, social and governance (ESG), personal accountability, operational resilience and technology, as well as the changes currently taking place within the financial services regulators themselves and their supervisory approach.
You can read more about the topics discussed here -
https://www.linkedin.com/feed/update/urn:li:activity:6764492132234477568/ - UK lawmakers on narrowing SMCR
https://www.linkedin.com/feed/update/urn:li:activity:6764549738726588416/ - PRA SMCR refinement
https://www.linkedin.com/feed/update/urn:li:activity:6764548218622742528/ - Outlook 2021 global green taxonomy article
https://www.linkedin.com/feed/update/urn:li:activity:6764549027271987200/ - ESMA reverse solicitation article
https://www.linkedin.com/feed/update/urn:li:activity:6764547280658948096/ - Outlook 2021 personal accountability article
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond and Mike Cowan of Thomson Reuters Regulatory Intelligence continue the discussion on the ten things compliance officers of financial services firms need to consider in 2021 regardless of geography or sector.
The expert talk on ten things compliance officers need to do in 2021 can be found here –
https://legal.thomsonreuters.com/en/insights/reports/10-things-compliance-officers-need-to-consider-in-2021
You can download the 5th annual Fintech, regtech and role of compliance report here - https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-compliance-report-2021
The 11th annual cost of compliance survey and snapshot COVID-19 update has already been downloaded 800 times and you can find it here - https://corporate.thomsonreuters.com/Cost-of-Compliance-2020
If you would like to take part, the 12th annual cost of compliance survey is still open - https://survey.clicktools.com/app/survey/go.jsp?iv=1t7w681ck9qeg
The 12th annual cost of compliance report will be published in Q2 2021.
In this episode of the Compliance Clarified podcast series, Susannah Hammond and Mike Cowan of Thomson Reuters Regulatory Intelligence discuss the first five of the ten things compliance officers of financial services firms need to consider in 2021 regardless of geography or sector.
The expert talk on ten things compliance officers need to do in 2021 can be found here –
https://legal.thomsonreuters.com/en/insights/reports/10-things-compliance-officers-need-to-consider-in-2021
You can download the 5th annual Fintech, regtech and role of compliance report here - https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-compliance-report-2021
The 11th annual cost of compliance survey and snapshot COVID-19 update has already been downloaded 800 times and you can find it here - https://corporate.thomsonreuters.com/Cost-of-Compliance-2020
If you would like to take part, the 12th annual cost of compliance survey is still open - https://survey.clicktools.com/app/survey/go.jsp?iv=1t7w681ck9qeg
The 12th annual cost of compliance report will be published in Q2 2021.
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In this episode of the Compliance Clarified podcast series, Susannah Hammond and Mike Cowan of Thomson Reuters Regulatory Intelligence discuss the findings of the COVID-19 update to the Cost of Compliance report and consider the practical impact of the pandemic on financial services compliance officers.
The 11th annual cost of compliance survey and snapshot COVID-19 update has already been downloaded 800 times and you can find it here - https://corporate.thomsonreuters.com/Cost-of-Compliance-2020
If you would like to take part, the 12th annual cost of compliance survey is still open - https://survey.clicktools.com/app/survey/go.jsp?iv=1t7w681ck9qeg
The 12th annual cost of compliance report will be published in Q2 2021.
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
In the opening episode of the Compliance Clarified podcast series, Susannah Hammond and Mike Cowan of Thomson Reuters Regulatory Intelligence discuss the findings of the 5th annual fintech, regtech and the role of compliance report and consider what financial services compliance officers can and should do about technological solutions.
You can download the 5th annual Fintech, regtech and role of compliance report here - https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-compliance-report-2021
If you would like to take part, the 12th annual cost of compliance survey is still open - https://survey.clicktools.com/app/survey/go.jsp?iv=1t7w681ck9qeg
The 12th annual cost of compliance report will be published in Q2 2021.
Further information on Thomson Reuters Regulatory Intelligence can be found here - https://legal.thomsonreuters.com/en/products/regulatory-intelligence
Compliance Clarified is a new podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.
Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
Find out more about Thomson Reuters Regulatory Intelligence at https://legal.thomsonreuters.com/en/products/regulatory-intelligence