Organizations today are facing fast-moving risks and increasing demand for real-time awareness and collaboration in internal audit (IA). Rather than auditors working and wading through opaque processes—lost in spreadsheets, internal checklists, and fractured auditing protocols across different business functions—we are seeing organizations adopting cloud-based process automation tools that enable a unified audit framework and consistent processes. These methodologies allow IA to achieve more effective engagements. Whether internal auditors need to manage risk assessments; document…
In the latest sign of regulators clamping down on inadequate anti-money laundering programs, DNB recently confirmed that Norway’s financial supervisory authority, Finanstilsynet, will levy a $48.1 million fine for failing to comply with anti-money-laundering rules, regulations, and standards. DNB, which is Norway’s largest lender, had already indicated late last year that a potential fine could be incoming after Finanstilsynet published a report on internal investigations into an Icelandic fishery called Samherji, which had been accused…
Risk managers in the financial services industry are navigating a vast web of regulatory requirements, a constantly evolving risk landscape, and rising customer expectations. All of this change and volatility amplifies the seriousness of establishing effective IT risk management and compliance processes. As banks and other financial institutions adapt to these challenges, many have started to leverage technology to improve customer satisfaction and drive efficiency. However, with great innovation comes great risk. Regulators have…
In 2020, corporate ethics hotlines saw a significant decrease in reports from employees regarding a wide range of issues, but most notably tips about potential fraud and bribery. Despite reports involving COVID-19 health and safety concerns increasing by 47% throughout 2020, these hotlines saw a 7.1% decrease in total reports from the previous year. The decrease could be attributed to recent pandemic-related layoffs as well as business closures, meaning that with a smaller workforce,…
Deutsche Bank recently announced that it is restructuring its compliance functions as the bank's longtime chief risk officer prepares to depart after 25 years at the institution. Deutsche Bank stated that it intends to restructure the chief risk office to create a seamless transition, shifting compliance and anti-financial crime responsibilities to the bank’s chief administrative officer, Stefan Simon. This reported shake-up is designed to allow the bank to consolidate functions that require coordinated dialogue…