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