HSBC Exceeds Expectations
HSBC Exceeds Expectations
USBC has exceeded analysts’ expectation by reporting a 10 per cent increase in third quarter profits to $8.5 billion. Wealth management fee income was the major driver. The bank took the opportunity to announce a $3 billion share buyback. Costs were up 2 per cent largely driven by technology investment and inflation.
Cyber Risk – The Internal Audit Training Course
Cyber risk has emerged as the number one key threat to financial services corporations and business in general. Recent reviews have indicated that the board, senior management and staff in general are ill equipped to properly manage this risk and to establish an effective control framework.
Our webinar on the 20th November explains the nature of cyber-risk and shares best practices in financial services in terms of control. We also share minimum regulatory requirements in this regard.
Fintech CEO’s Conduct Fine
Wise’s CEO, Kristo Kaarmann, was fined £350k by the UK’s Financial Conduct Authority for falling to notify the regulator of the fact he had defaulted on a tax matter. Mr. Kaarmann had delayed in settling a capital gains tax bill connected with the disposal of shares. Given his role as an approved person, the FCA believed he had a conduct related duty to disclose this matter. The regulator found out when a journalist called them for a quote. Risk Audit will explore the ever extending creep of non-financial conduct regulation during our Regulatory Update for Internal Auditors webinar.
Sensitive Patient Data on WhatsApp
It has emerged that sensitive patient data is routinely shared using WhatsApp. The siloed nature of NHS data systems means that doctors and nurses are constantly looking for workarounds. Standards were introduced in 2020 to safeguard data when using private communication mechanisms. What steps does your firm take to protect data stored on private mechanisms?