Date: 17/10/24
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.
Pressure on Rules
Sam Woods, CEO of the PRA, will this evening promise to further dilute rules applying to financial services as pressure is applied by government to create an environment that fosters economic growth. Mr. Woods will rebuff criticism that not enough has been done. Further steps could involve a simplification of the senior managers’ regime. The PRA has already scrapped rules on bankers’ bonuses and stalled the full implementation of the Basel capital regime. One should remember that the UK is looking for sustainable growth. Going back to the Wild West will certainly create explosive growth but…!
Trading and Deal Pick Up
The top five US investment banks managed to generate $36 billion in revenues from dealing and trading during the third quarter, up 11 per cent versus the previous year. Volatile markets and a pick in debt issuance were major factors. The underwriting of debt contributed $ 8 billion to this number.
Public Debt Soars
The IMF has announced that public debt will exceed $100 trillion by the end of the year and will represent more than 100 per cent of GDP by the end of the decade. Spurred on by Covid, a number of countries have continued to spend spend spend. The IMF calls on these countries to take advantage of lower interest rates to prioritise fiscal adjustments that do not manage growth. Easier said than done.