Today’s Stop Press
STOP PRESS is a daily newsletter provided by Risk Audit to the financial services corporate governance community designed to provoke thought concerning risk management and related control practices.
New Training Programme
Risk Audit has launched its new training programme consisting of a number of one day in-person courses in the heart of the City of London and webinars.
In-Person Courses
Agility for Internal Auditors – Tuesday 12th November 2024
The Audit of Culture – Tuesday 19th November 2024
Conduct Risk Management – Tuesday 26th November 2024
Quality in Financial Services Internal Auditing – Wednesday 4th December 2024
Webinars
Cyber Risk Management in Financial Services – Wednesday 20th November 2024
Regulatory Update for Internal Auditors – Thursday 5th December 2024
All of these programmes and many many more are available on a bespoke in-house basis if you are interested.
UBS Ordered to Bolster Living Will
Finma has ordered UBS to enhance its recovery and resolution plans following the acquisition of Credit Suisse. The Swiss regulator has suspended its annual renewal of UBS’s plan as it calls for the recognition of added risk. One area of focus will be the impact of social media on the liquidity position of the bank. UBS is halfway through its three year integration of CS.
UK Ringfenced Threshold Increased
The UK government has announced that it will be increasing the threshold for retail deposits that trigger the separation regime by £10 billion to £35 billion. Banks with more than this figure are required to separate their retail business from their investment banking business. (These rules stem from the lessons of the Global Financial Crisis) The government will also simplfify the associated compliance burden. A theme here as UK PLC seeks to remove red tape at the altar of growth and competitiveness.
Italy Hits Banks with Tax
Italy’s banking sector is about to be hit with Euro 3.5 billion in extra taxes as Meloni’s government seeks to fill a Euro 9 billion hole. The money will be raised by increasing tax on bankers’ stock options and postponing the benefit of deferred tax assets. These measures will also apply to insurance companies.