The role of audit committees continues to expand to keep pace with the modern business operating environment. In addition to responsibility for a company’s financial reporting and management, audit committees increasingly take an active role in an organization’s risk management strategy.
Audit committees can be instrumental in helping their organizations implement procedures to address the challenges they face. They can also assist with addressing internal and external audit findings or with exploring best practices for addressing areas of operations that may be vulnerable to disruption or extraordinary risks.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
Forward-Looking Practices in Wealth ManagementCognizant
To keep up with growing regulations in wealth management sector, firms need to future-proof their operations with a robust risk-control system and transparent trading practices.
The role of audit committees continues to expand to keep pace with the modern business operating environment. In addition to responsibility for a company’s financial reporting and management, audit committees increasingly take an active role in an organization’s risk management strategy.
Audit committees can be instrumental in helping their organizations implement procedures to address the challenges they face. They can also assist with addressing internal and external audit findings or with exploring best practices for addressing areas of operations that may be vulnerable to disruption or extraordinary risks.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
Forward-Looking Practices in Wealth ManagementCognizant
To keep up with growing regulations in wealth management sector, firms need to future-proof their operations with a robust risk-control system and transparent trading practices.
Presentation: Compliance & Third Party Due DiligenceethiXbase
Presentation: Compliance & Third Party Due Diligence
By Leas Bachatene, Chief Executive Officer, ethiXbase
Kicking off 2017 which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok on January 11th and 12th. Devoted to the theme of “Compliance Across Asia”, the summit featured experts who discussed anti-corruption and compliance in Asia.
Speaking on third party due diligence, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from organisations including Johnson & Johnson Pharmaceuticals, Allianz Indonesia and distinguished academia.
View slides from Leas Bachatene’s presentation on compliance and third party due diligence here, which outlines best practice steps towards achieving due diligence on 100% of third party relationships in a cost-effective manner with ethiXbase 2.0. Enjoy!
Combining Corporate Governance with Internal Leadershipjobdoctors
Internal Leadership helps competitiveness, profit, and growth. But without a strong Governance program, the company can risk failure and, at a minimum, damage to profits, reputation, and government requirements.
Governance can reduce risk, improve compliance, and provide shareholder and board level continuous monitoring. But without a strong Internal Leadership program, people issues are usually the weak link for governance effectiveness.
That is why we believe Internal Leadership and Corporate Governance are two sides of the same coin for revolutionizing a company’s competitive edge for sustainable growth.
Read this white paper to see how we leverage both solutions to help company growth.
Exploring Relationship Between Risk & ComplianceComplianceTrack
• How to identify compliance risks in the business
• How to involve risk management in compliance management
• Integrating compliance risks with useful management tools
Third-Party Risk Management: Implementing a StrategyNICSA
Two Part Series: Part I of II
Third-Party Risk Management: Implementing a Strategy
Sleep Better at Night: Learn techniques to manage risks associated with third-party relationships.
Certified Risk and Compliance Management Professional (CRCMP) Prep Course Pa...Compliance LLC
Certified Risk and Compliance Management Professional (CRCMP) Prep Course – Part A
First Certified Course
Certified Risk and Compliance Management Professional (CRMCP)
This course has been designed to provide with the knowledge and skills needed to understand and support regulatory compliance and enterprise wide risk management, and to promote best practices and international standards that align with business and regulatory requirements.
The course provides with the skills needed to pass the Certified Risk and Compliance Management Professional (CRCMP) exam.
This course is intended for professionals that want to understand risk and compliance and to work as risk and compliance officers. They will prove that they are qualified, when they pass the Certified Risk and Compliance Management Professional (CRCMP) exam.
This course is intended for employers demanding qualified risk and compliance professionals. The course is recommended for senior executives involved in risk and compliance.
The SEC & FINRA released their priorities for 2016 examinations. Asset management firms need to review + update their policies, procedures and business activities to reflect both sets of priorities so they can strengthen business practices and prepare for potential exams.
The ever increasing regulations and expansion of organisations across the globe into new markets exposed the organisations to greater regulatory and compliance risks. To Know More : https://www2.deloitte.com/in/en/pages/audit/articles/internal-audit.html
Misconduct or Missed Conduct? Ensuring Consistent SAR Reporting of Internal M...Case IQ
Case management is an integral component of any institution’s overall compliance program, let alone those with suspicious activity report (“SAR”) filing responsibilities. However, misconduct is often reported through multiple channels such as whistleblower complaints, HR, and even through a company’s legal department. If misconduct requires SAR filing, input from HR, and advice from legal, but comes in through possibly siloed teams, how can a company feel confident that they are accurately capturing and consistently dispositioning these cases?
The answer boils down to an often-overlooked area – case management systems.
Join financial crime compliance advisory and training specialist Michael Schidlow, as he explains best and worst practices in the field, gives tips on what case management tools should always and shouldn’t ever do, and describes how to utilize metrics from those systems to get an accurate snapshot of their company’s risk profile.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Anti-Bribery and Corruption Compliance for Third PartiesDun & Bradstreet
In this white paper, Kelvin Dickenson, Managing Director of D&B Global Compliance Solutions, discusses thoughtful approaches to buidling a scalable, effective and proportionate anti-corruption program for third-party due dilligence.
Presentation: Compliance & Third Party Due DiligenceethiXbase
Presentation: Compliance & Third Party Due Diligence
By Leas Bachatene, Chief Executive Officer, ethiXbase
Kicking off 2017 which calls for a renewed and intensified focus on compliance, ethiXbase participated in discussions at the Asian Compliance and Anti-Corruption Summit hosted by the European University Viadrina Frankfurt (Oder) and German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG) in Bangkok on January 11th and 12th. Devoted to the theme of “Compliance Across Asia”, the summit featured experts who discussed anti-corruption and compliance in Asia.
Speaking on third party due diligence, Leas Bachatene, Chief Executive Officer of ethiXbase, was joined by other experts from organisations including Johnson & Johnson Pharmaceuticals, Allianz Indonesia and distinguished academia.
View slides from Leas Bachatene’s presentation on compliance and third party due diligence here, which outlines best practice steps towards achieving due diligence on 100% of third party relationships in a cost-effective manner with ethiXbase 2.0. Enjoy!
Combining Corporate Governance with Internal Leadershipjobdoctors
Internal Leadership helps competitiveness, profit, and growth. But without a strong Governance program, the company can risk failure and, at a minimum, damage to profits, reputation, and government requirements.
Governance can reduce risk, improve compliance, and provide shareholder and board level continuous monitoring. But without a strong Internal Leadership program, people issues are usually the weak link for governance effectiveness.
That is why we believe Internal Leadership and Corporate Governance are two sides of the same coin for revolutionizing a company’s competitive edge for sustainable growth.
Read this white paper to see how we leverage both solutions to help company growth.
Exploring Relationship Between Risk & ComplianceComplianceTrack
• How to identify compliance risks in the business
• How to involve risk management in compliance management
• Integrating compliance risks with useful management tools
Third-Party Risk Management: Implementing a StrategyNICSA
Two Part Series: Part I of II
Third-Party Risk Management: Implementing a Strategy
Sleep Better at Night: Learn techniques to manage risks associated with third-party relationships.
Certified Risk and Compliance Management Professional (CRCMP) Prep Course Pa...Compliance LLC
Certified Risk and Compliance Management Professional (CRCMP) Prep Course – Part A
First Certified Course
Certified Risk and Compliance Management Professional (CRMCP)
This course has been designed to provide with the knowledge and skills needed to understand and support regulatory compliance and enterprise wide risk management, and to promote best practices and international standards that align with business and regulatory requirements.
The course provides with the skills needed to pass the Certified Risk and Compliance Management Professional (CRCMP) exam.
This course is intended for professionals that want to understand risk and compliance and to work as risk and compliance officers. They will prove that they are qualified, when they pass the Certified Risk and Compliance Management Professional (CRCMP) exam.
This course is intended for employers demanding qualified risk and compliance professionals. The course is recommended for senior executives involved in risk and compliance.
The SEC & FINRA released their priorities for 2016 examinations. Asset management firms need to review + update their policies, procedures and business activities to reflect both sets of priorities so they can strengthen business practices and prepare for potential exams.
The ever increasing regulations and expansion of organisations across the globe into new markets exposed the organisations to greater regulatory and compliance risks. To Know More : https://www2.deloitte.com/in/en/pages/audit/articles/internal-audit.html
Misconduct or Missed Conduct? Ensuring Consistent SAR Reporting of Internal M...Case IQ
Case management is an integral component of any institution’s overall compliance program, let alone those with suspicious activity report (“SAR”) filing responsibilities. However, misconduct is often reported through multiple channels such as whistleblower complaints, HR, and even through a company’s legal department. If misconduct requires SAR filing, input from HR, and advice from legal, but comes in through possibly siloed teams, how can a company feel confident that they are accurately capturing and consistently dispositioning these cases?
The answer boils down to an often-overlooked area – case management systems.
Join financial crime compliance advisory and training specialist Michael Schidlow, as he explains best and worst practices in the field, gives tips on what case management tools should always and shouldn’t ever do, and describes how to utilize metrics from those systems to get an accurate snapshot of their company’s risk profile.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Anti-Bribery and Corruption Compliance for Third PartiesDun & Bradstreet
In this white paper, Kelvin Dickenson, Managing Director of D&B Global Compliance Solutions, discusses thoughtful approaches to buidling a scalable, effective and proportionate anti-corruption program for third-party due dilligence.
Goldman Sachs Investor Presentation Deck Oct 2007.pdfBryann Alexandros
1MDB is a Malaysian state fund that was established in 2009 to promote development in the country. However, it became the center of a corruption, bribery and money laundering scandal that involved the former prime minister Najib Razak and his associates. It is estimated that billions of dollars were embezzled from 1MDB and diverted to various accounts and assets around the world, including luxury real estate, art, jewelry, yachts and even a Hollywood movie. The scandal sparked investigations in several countries, including Malaysia, the US, Singapore, Switzerland and Australia. Najib Razak was found guilty of abuse of power and money laundering in 2020 and sentenced to 12 years in prison, but he is appealing the verdict. Several other individuals and entities have also been charged or fined in relation to the 1MDB scandal, including Goldman Sachs, which agreed to pay $3 billion to settle the case. Goldman Sachs was a key player in the 1MDB scandal, as it helped the fund raise $6.5 billion through three bond offerings in 2012 and 2013.
Good day all,
Please find attached the June 2017 edition of our very informative Newsletter.
We look forward to your continuing support and comments. Please send all comments and suggestions to training@kawmanagement.com or training.kawmgmt@candw.ag.
Happy reading
The role of internal auditors in fraud risk management and the skill sets required in the current scenario...
The focus of audit has to change from transaction audit to value addition..
Navigate the Financial Crime Landscape with a Vendor Management ProgramPerficient, Inc.
What is the impact of a failed risk management program as a result of actions committed by a vendor or service provider? Your financial institution may be exposed to reputational damage and financial losses running into billions of dollars.
During this webinar, our financial crime and risk management experts discussed current financial crime trends, steps to identifying vendor risks, the need for Know Your Vendor (KYV) and due diligence, and creating a cross-functional risk-based approach to vendor governance.
Outsourcing business functions has become an accepted approach to improving revenue and creating new business opportunities for companies in all industries; banks are no exception. In the last 10 years, the regulatory environment and consumer expectations for a personalized, connected experience in an increasingly mobile and social world are new challenges being managed by an outsourcing business model. While business growth and regulatory compliance are perhaps the two most critical business drivers behind a financial service firm's decision to outsource, the outsourcing solution itself creates a risk that must be managed and regulatory requirements that must be met.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaErnst & Young
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaNishantSisodiya
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
LexisNexis Presentatie: Van mediamonitoring naar media intelligence: het geïn...LexisNexis Benelux
Veel organisaties worstelen met de vraag hoe zij de essentie kunnen halen uit de almaar toenemende stroom nieuws- en social mediaberichten.
In deze webinar geeft LexisNexis haar visie op de toekomst van mediamonitoring aan de hand van de newsroom van het Ministerie van Buitenlandse Zaken. Deze newsroom is de fysieke plek in de organisatie voor monitoring, analyse en interpretatie van interne en externe nieuwsbronnen én voor interactie met de buitenwereld.
Studie: The Past, Present and Future of Information ManagementLexisNexis Benelux
Internationaal onderzoek over het verleden, heden en de toekomst van #informatiemanagement.
Het vakgebied ondergaat veranderingen door technologische ontwikkelingen, toename in informatie, big data en sociale netwerken. De rol van de #informatiemanager verandert daardoor.
Deze whitepaper gebaseerd op interviews met senior informatiespecialisten, gecombineerd met Europees onderzoek onder meer dan 500 mensen uit het informatievak.
White paper: The Past, Present and Future of Information ManagementLexisNexis Benelux
From a physical to digital information world. The information industry is being impacted by changes in technology, the growing volume of information, big data and social networks.
LexisNexis has undertaken this report to help organisations understand the nature and impact of these changes. Here we analyse the past and present, and look ahead with the aim of equipping today’s information managers with the right tools
Prudential required a solution that could screen millions of customers against sanctions, Politically Exposed Persons (PEPs) and their own internal watch lists every day.
Bridger Insight from LexisNexis is a software solution which employs a sophisticated fuzzy-name matching algorithm to screen large volumes of clients against all the required lists.
It will alert Prudential when there is a match allowing them to take immediate action.
To maintain control Prudential have chosen to install Bridger Insight behind their own firewal
Product review Nexis. a comprehensive global business information research tool, providing access to thousands of sources via one single interface. Content includes business and financial news; company, biographical and industry intelligence; trade journal and market research materials; legal and regulatory records; and social
media content. It is aimed at anyone with an information need whether they’re a professional researcher or a casual user.
Better understand your suppliers, customers, employees and vendors to reduce risk, raise productivity, increase profitability and improve decision-making.
Perform enhanced due diligence with Lexis Diligence. Access unrivaled news, company and sanction list content. Lexis Diligence is a tool that lets you quickly onboard customers while staying compliant with international money-laundering procedures. Enter the names of individuals and companies, and the database will search international sources for relevant content
Bridger Insight provides easy control over your client screening and acceptance process, to help you be compliant with Anti-Money Laundering rules. Sanction lists, PEP lists, watch lists, company information, and country risks are standard and updated automatically.
Brochure: Nexis, Access to int 36.000 sources, online and offlineLexisNexis Benelux
Conduct accurate searches of the 36.000 international sources in the Nexis online service. Make informed business decisions after getting the latest news and market reports. Adapt the interface to target your results, using the power of the LexisNexis® database.
PIP Red Paper: How one health scare became news across EuropeLexisNexis Benelux
How one health scare became news across Europe: A study on how media reporting on the Poly Implant Prothese (PIP) scandal spread across France, Germany, The Netherlands and the United Kingdom.
The Bribery Act 2010 gained Royal Assent on 8 April 2010 and represents the most significant change in the UK government’s approach to tackling bribery and corruption for over 100 years. The Bribery Act 2010 replaces outdated legislation, bringing the UK in line with the OECD AntiBribery Convention and aims to make the UK a better place for conducting business.
The primary focus for companies is the new offence of failure by a commercial organisation to prevent bribery. All offences carry a maximum prison sentence of 10 years, with the exception of the offence relating to failure to prevent bribery, which carries an unlimited fine.
Where a director is convicted of bribery, they may also be disqualified from holding a director position for up to 15 years
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Anti-Money Laundering and Anti-Bribery and Corruption Systems & controls: Asset Management and Platform Firms
1. A LexisNexis White Paper
Anti-Money Laundering and Anti-Bribery
and Corruption Systems & controls: Asset
Management and Platform Firms.
Summary and highlights of
The Financial Conduct Authority Thematic Review
by Mark Dunn, Market Planning Manager,
Risk & Compliance, LexisNexis
November 2013
2. Index
3
Introduction
5
Governance, Culture, and MI
6
Risk Assessments
7
Specific Anti-Money Laundering Controls
9
Specific Anti-Bribery & Corruption Controls
10
Training & Awareness
11
Conclusions
LexisNexis has a world-class reputation for providing critical business tools.
For over 30 years we have been pioneers in intelligence and risk
management. As a digital pioneer, the company was the first to bring legal
and business information online with our Lexis® and Nexis® services. Today,
LexisNexis harnesses leading-edge technology and world-class content to
help professionals work in faster, easier and more effective ways.
Our solutions are used internationally by financial services, legal and
accountancy firms and blue chip multinational companies to enhance
business decision making, fulfill regulatory requirements and for premium
information research.
LexisNexis serves customers in more than 100 countries with 10,000
employees worldwide.
3. Introduction
In October 2013, the UK Financial Conduct Authority (FCA) published their thematic
review – Anti-Money Laundering and Anti-Bribery and Corruption Systems &
controls: Asset Management and Platform Firms – describing the steps banks and
other financial services firms in the UK take to control money laundering and
corruption risks in asset management and platform business and setting out the
findings from their recent assessment.
The FCA’s latest review assessed the systems & controls
implemented by firms to tackle anti-money laundering
and anti-bribery & corruption within asset management
and the platform sector.
The review was started by the Financial Services
Authority in 2012 and continued by the FSA’s successor
the Financial Conduct Authority. The FCA met with 22
firms including wealth and asset management firms,
fund administrators and platform firms. The sample of
firms selected aimed to reflect the asset management
and platform sectors as a whole and as a result firms of
all sizes and with different business models were
included in the review.
The FCA makes it clear in the report’s introduction that
this review focused specifically on the adequacy of
firms’ “AML systems & controls (including account
opening, transaction monitoring, and suspicious activity
reporting to mitigate money laundering risks); and ABC
systems & controls (including the use of business
introducers, third party payments, and gifts and
entertainment arrangements).”
Unlike early thematic reviews, the report does not focus
on firms’ systems & controls for complying with financial
sanctions regimes.
Overall, the results of the review highlight consistent
areas of concern as the report states:
“Although we found some good examples of money
laundering and bribery and corruption risk management,
we found a number of common weaknesses across the
firms in our sample. Given the communications we have
issued on AML and ABC, we expected the industry to
have done more in ensuring they had suitable systems &
controls in place.”
The FCA also highlights examples of common risks
associated with money laundering and corruption
including:
“Even though these findings are from our
review of the asset management sector, we
expect all firms to have appropriate systems
& controls in place for AML and ABC.”
•
Non face-to-face business, which can be
attractive for money launderers hiding behind
stolen or fabricated identities.
•
Customers from, or with links to, countries that
are considered high risk from a money
laundering and/or corruption perspective.
•
Wealthy and powerful clients, particularly
where they insist on a high degree of
confidentiality.
•
The use of offshore trusts and shell companies
to distance beneficial owners from their funds.
•
High value and/or unexpected transactions.
•
Payments or inducements, without a clear
business rationale, to third parties.
The FCA summarises the thematic reviews findings in
the reports overview:
•
Most firms had relatively well-developed
arrangements for the ownership of money
laundering and bribery and corruption risks.
However, some could not provide evidence to
demonstrate the effectiveness of senior
management oversight and challenge.
Page 3 | Summary and highlights - The Financial Conduct Authority Thematic Review
4. •
AML and ABC issues were dealt with primarily
as a compliance matter rather than as part of
proactive risk management. Failure to properly
identify and assess risk often led to weaknesses
in customer due diligence and on-going
monitoring of business relationships.
•
Most firms had a comprehensive suite of AML
policies and procedures approved by senior
management.
•
Some firms had inconsistent or absent controls
to assess, classify and record risks posed by
new customers, which meant that enhanced
due diligence and enhanced ongoing
monitoring was sometimes not carried out for
high-risk customers.
•
There were weaknesses in how most firms
acted on the outcomes of risk assessments.
•
•
Some firms considered that the longstanding
nature of some business relationships alone
was a satisfactory substitute for keeping
customer due diligence information up to date.
The FCA press release accompanying the report goes on
to say:
“We have provided feedback to those firms in our
review, but we expect all firms to consider our findings
and the examples of good and poor practice to improve
their AML and ABC frameworks where necessary. We
will be following up with some firms to discuss the
actions they should take”.
The full FCA report and press release can be accessed via
the following link:
http://www.fca.org.uk/news/thematic-reviews/tr13-9anti-money-laundering-and-anti-bribery
Identified risks were often non-measurable and
not actively monitored. This impacted the
extent to which appropriate controls were
defined to mitigate those risks.
Page 4 | Summary and highlights - The Financial Conduct Authority Thematic Review
5. Examples of good and poor practice
Governance, culture, and MI
•
•
•
•
•
•
•
Senior management roles and
responsibilities are clearly defined.
There is a clear organisational structure that
meets on a regular basis to discuss risks,
including money laundering and bribery and
corruption risks.
Risk-based quality assurance work is carried
out by the firm on a rolling basis.
The firm regularly assesses and evaluates
emerging regulatory and industry
developments and the impact(s) this may
have on its business.
The firm takes into account staff compliance
with AML and ABC obligations in
remuneration and staff incentive structures.
The firm has defined breach and escalation
procedures.
The firm implements senior management
approval procedures in relation to the
acceptance (or continuation) of higher risk
business relationships.
•
•
•
•
•
There is limited senior management
involvement and challenge in AML and ABC
compliance activities.
Management information in relation to
money laundering and bribery and
corruption risks is not collated.
Money laundering and bribery and
corruption risks are dealt with only on a
reactive basis.
MLRO reports and other MI are not
submitted in a timely manner.
There is limited quality assurance activity
carried out to review the effectiveness of
AML and ABC systems & controls.
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LexisNexis view
As AML, ABC and sanctions systems & controls converge, ensuring associated
technology continues to align to business requirements and deliver a return on
investment is often overlooked.
The growing convergence of AML, ABC and sanctions
regime compliance demands firms take a more
holistic approach to tackling financial crime risk
driven by top level commitment. Examples of good
practice illustrate where firms have proactively
aligned their business structures to best meet the
increasing challenges of evolving legislation and
industry guidance focused on reducing financial
crime. As senior management recognises the risks of
non-compliance, the associated impacts on business
reputation and the balance sheet, firms are
increasingly centralising their approach and the
resources deployed to mitigate risk. Once in place,
firms continue to regularly monitor their exposure to
risk to ensure systems & controls remain effective
and are aligned to changing business requirements,
incoming legislation and regulators’ expectations.
As AML, ABC and sanctions issues converge, it is
critical firms ensure that the technology used to
tackle such evolving risks continues to meet
expectations. Through consultation and review
LexisNexis has helped firms successfully implement
AML, ABC and sanctions systems & controls to
ensure firms’ clients and third-party agents are
being efficiently screened and monitored.
Page 5 | Summary and highlights - The Financial Conduct Authority Thematic Review
6. Examples of good and poor practice
Risk assessments
•
•
Risk assessments are used to assess the
money laundering and bribery and
corruption risks and undertaken regularly.
Processes are in place for undertaking risk
assessments including collaborative
engagement with front-line business
personnel, and adequate senior
management sign-off, review, and challenge
(including sufficient engagement at boardlevel).
•
•
•
•
•
Limited or no activity is undertaken to
identify and assess money laundering and
bribery and corruption risks in a firm.
Risk assessment activity is ad hoc and it is
not proactively undertaken to inform senior
management and/or the design and
implementation of AML and ABC policies and
procedures in a firm.
Risk assessment activity is not dynamic to
ensure firms are capturing money laundering
and bribery and corruption risks.
Risk assessments do not include an overall
assessment of money laundering and bribery
and corruption risks for a firm.
ABC risk assessments were carried out as a
one-off exercise.
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LexisNexis view
Keeping the compliance team and key staff updated with changing risk
indicators and regulator expectations needn’t be a costly and cumbersome
exercise.
The inability for a regulated firm to maintain its
risk assessment process has been highlighted by a
number of recent enforcement actions. Regulators
expect companies to be aware of changing risks in
their markets and to apply a risk assessment
process that is agile enough to be amended and
updated accordingly. This flexible approach to risk
assessment is not only important to take account
of ad hoc changes in risks related to specific
countries and entities for example, but also to be
able to quickly assign risk assessment to the firm’s
business development strategy and new product
adoption etc. Industry best practice recommends
the risk assessment be reviewed at minimum
annually. However, as mentioned above, many
firms need to ensure their risk assessment process
is flexible enough to respond to market forces.
Page 6 | Summary and highlights - The Financial Conduct Authority Thematic Review
7. Examples of good and poor practice
Specific anti-money laundering controls
•
•
•
•
•
•
Ensuring AML policies and procedures
reflect the legal and regulatory framework,
and communicated to staff in the firm.
Ensuring customer identification and
verification procedures are in place,
including detailed operational processes for
customer take on.
A customer risk classification framework is
applied consistently to assess customer risks
at the time of onboarding, and on an ongoing basis.
Identification and verification information
for customers is periodically reviewed and
‘refreshed’, on a risk-sensitive basis.
The firm has defined senior management
approval procedures for accepting new (or
continuing existing) business relationships
which pose a high risk of money laundering.
A clearly articulated definition of a PEP (and
any relevant sub-categories) which is well
understood by relevant staff.
•
•
•
•
Failure to ensure that AML policies and
procedures reflect the legal and regulatory
environment and are up to date.
Failure to conduct enhanced due diligence
(EDD) for high risk/PEP customers.
Failure to identify and verify beneficial
ownership, source of funds, and source of
wealth.
Transaction monitoring governance
arrangements are not clearly defined (for
example, in relation to the investigation and
review of transaction monitoring alerts).
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LexisNexis view
Having in place effective anti-money laundering systems & controls is long
considered the norm for any financial services firm operating within the UK
and other regulated markets.
With an EU Fourth Money Laundering Directive on
the horizon and ongoing enforcement in this area,
it is critical that firms have in place effective AML
procedures that are both proportionate to their
business risk profile and regularly reviewed to
reflect changing compliance standards.
The FCA has made it very clear that supervision of
banks’ financial crime controls will continue to be
as intensive as ever and that tackling poor
compliance or “taking action against firms that do
not meet our standards’ will continue to be a key
priority. AML compliance receives close attention
in the FCA 2013 Business Plan which heralded the
FCA’s ‘Intensive intrusive Systematic Anti-Money
Laundering Programme (SAMLP) across the highimpact firms to investigate their anti-money
laundering, terrorist financing and sanctions
systems and controls.”
Page 7 | Summary and highlights - The Financial Conduct Authority Thematic Review
8. The SAMLP (formerly known as the Core Financial
Crime Programme) aims to: “Look into the
financial crime systems and controls of 14 major
retail and investment banks every four years and
will focus on their anti-money laundering,
countering terrorist finance (AML/CTF) and
financial sanctions risks. We will also include antibribery and corruption (ABC) in the programme”.
Against this backdrop of ongoing supervisory
scrutiny and enforcement activity it is essential
firms do not neglect the technology services they
have in place to help mitigate such risks. Ensuring
screening, due diligence and monitoring services
continue to not only reflect firms’ changing risks
but also deliver business process efficiencies is key
as budgetary constraints on Compliance resources
continue to bite.
LexisNexis regularly helps firms to review their
AML, ABC and sanctions systems & controls to
ensure clients and third-party due diligence checks
are delivered in a timely and cost efficient manner.
Page 8 | Summary and highlights - The Financial Conduct Authority Thematic Review
9. Examples of good and poor practice
Specific anti-bribery and corruption controls
•
•
•
•
•
ABC policies and procedures are
documented and kept up to date.
ABC policies and procedures will vary from
firm to firm however they must address
relevant areas of bribery and corruption
risks (either in a standalone document, or as
part of separate policies).
Gifts and entertainment policies and
procedures clearly define the approval
process; include clear instructions for
escalation, definitions and guidelines for
staff to follow.
The rationale for using agents or introducers
to generate new business is documented,
and monitored through review and
assessment on a continuing basis.
The firm implements robust operational
controls to monitor, review, and approve
third party payments.
•
•
•
•
•
ABC policies and procedures are not tailored
to the business.
ABC policies and procedures do not address
other areas of bribery and corruption risk
but focuses on one area only e.g. gifts and
entertainment.
Firms do not maintain a list of third party
relationships and rely on informal means to
assess the risk.
A firm using intermediaries fails to satisfy
itself that those businesses have adequate
controls to detect and prevent where staff
have used bribery to generate business.
Gifts and entertainment activity is not
consistently monitored by senior
management.
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LexisNexis view
A primary goal for the compliance function is to have a consistent approach to
onboarding which ultimately improves customer service and provides a
competitive edge.
By auditing the local and international systems
used for ABC third party due diligence, the
business is able to demonstrate consistent
compliance. Risk solutions from LexisNexis® enable
approval of new third parties at the appropriate
level and escalation to senior management for
review when needed.
All information gathered on an entity can be
collated into one file and forwarded together with
any notes, providing an efficient and auditable
review process. A separate file is created for all
PEPs and high risk entities, making closer ongoing
monitoring straight forward and routine.
It is possible to allow Business Managers minimal
“privileges” and for any red flags to automatically
drive escalation to Compliance, ensuring an
appropriate risk-based approach at each stage.
Using PEP databases in isolation is not sufficient
and broader news checks are needed to clearly
identify associations and other high risk indicators.
Building an end-to-end workflow that looks across
broader data sets also ensures ongoing monitoring
is regular and efficient. By seamlessly combining
the initial onboarding process with an ongoing
monitoring process, all alerts can be handled in
the same manner and a consistent approach is
guaranteed.
Page 9 | Summary and highlights - The Financial Conduct Authority Thematic Review
10. Examples of good and poor practice
Training and awareness
•
•
•
•
•
AML and ABC training is delivered to all
staff, including senior management.
There is enhanced training for senior
management and staff in key AML or ABC
roles.
Training is tailored and includes practical
examples relevant to the firm’s business
activities.
The content of the AML and ABC training is
periodically reviewed and refreshed.
Staff records setting out what training was
completed and when and using those
results to test staff understanding and
quality of the training. Ensuring training
covers how to escalate matters and/or
report potential suspicions.
•
•
•
•
•
•
Senior management does not sign off or
engage in training.
New employees do not receive new joiner
training promptly after joining a firm.
The firm does not extend its AML and ABC
staff training requirements to overseas
employees who perform functions on behalf
of the firm’s UK customers.
Training is a one-off exercise. ABC training
material does not include training guidelines
in relation to gifts and entertainment limits
and pre-approval procedures.
The effectiveness of AML and ABC training is
not monitored or assessed by a firm.
Training records are not maintained and
staff are not encouraged to ensure they
meet their training obligations.
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LexisNexis view
Applying consistent, up to date and tailored training is essential to ensure staff
remains fully aware of their individual roles & responsibilities both regulatory and
ethical.
The onset of poor practices is more common when
resources are tight and adequate support is not
offered to the compliance function. LexisNexis works
with thousands of financial institutions of all sizes,
offering scalable solutions that meet the needs and
budgets of most organisations. Increasingly
organisations are being more selective in their use of
different training materials and technology to deliver
updates to staff. Training and tutorials that are
targeted to the requirements of specific personnel and
the risks they manage can be delivered via short
webinar updates and supplements to the
comprehensive training undertaken by staff when
they join the firm. When multiple systems are
deployed gaps in AML and ABC procedures can be
unavoidable. We help our clients ensure they have a
consistent end-to-end process based on a single
platform.
Page 10 | Summary and highlights - The Financial Conduct Authority Thematic Review
11. Conclusions from the Thematic Review
The FCA review on Anti-Money Laundering and AntiBribery and Corruption Systems & controls: Asset
Management and Platform Firms uncovers a number
of concerns and overall the FCA is unhappy that
“Given our strong regulatory focus and previous
publications on AML and ABC we expected firms to
have taken more action to ensure their controls
reduced the risk of money laundering and bribery and
corruption.”
“There is still work for most
firms to do to ensure bribery
and corruption risks are
appropriately mitigated.”
The FCA highlights the various approaches taken to
AML compliance by firms across the review sample
and particularly “where the firms were part of major
financial groups, which should have been aware of our
expectations. In some cases, the firms we visited were
from groups that had been subject to previous
regulatory attention but we still found significant
weaknesses.”
The FCA expects improvement and for firms to take
note of the reviews findings and other guidance within
the FCA Financial Crime: a Guide for Firms.
Further Reference
Financial Crime: a Guide for Firms (Financial Conduct Authority)
FCA compilation of good and poor practice from a number of thematic reviews
http://fshandbook.info/FS/html/handbook/FC/link/PDF
Bribery Act 2010 - Guidance on compliance (British Bankers Association)
BBA’s sector guidance to help firms tackle the UK Bribery Act
http://www.bba.org.uk/media/article/bribery-act-2010-guidance-on-compliance
Guidance about procedures which relevant commercial organisations can put into place to prevent persons associated
with them from bribing (Ministry of Justice)
Official UK guidance to accompany the Bribery Act 2010
http://www.justice.gov.uk/downloads/legislation/bribery-act-2010-guidance.pdf
A Resource Guide to the U.S. Foreign Corrupt Practices Act (US DoJ and SEC)
Official guidance for the US Foreign Corrupt Practices Act
http://www.justice.gov/criminal/fraud/fcpa/guidance/
Guidance (Joint Money Laundering Steering Group)
JMLSG anti-money laundering guidance for the UK financial services sector
http://www.jmlsg.org.uk/
Page 11 | Summary and highlights - The Financial Conduct Authority Thematic Review