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Risk Management Industry News for FCA Regulated Businesses

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Audit Management, Secret Diary of a Risk Manager

Secret Diary of a Risk Manager: Entry 9 - Does Agile have to be fragile?

Answering the phone after half past four on a Friday is always risky, and sure enough, when I picked up, Bruce one of our longer serving internal auditors, asked if I could join him and Matt, our IT Director in a meeting room for a quick chat.  It’s...

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Cyber Security, Banking

Open banking’s take off still stalled by fraud fears

Open banking – the use of application programming interfaces (APIs) to connect banks with other financial services providers – promises many benefits, at least, in theory. But, looking back at last year, it failed to gain traction with many either...

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Compliance Management, Insurance

Lloyd’s whistleblowing lapse takes the shine off the insurance marketplace

Following last month's news that shortfalls had been discovered within Lloyd’s of London's whistleblowing programme, insurance and financial service operators may well be taking a closer look at their own procedures to ensure they don't come under the...

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FCA, Company Culture

Incentives for financial advice – time to review what’s on offer?

This year has seen a number of leading financial services providers pushed into the spotlight for their employee incentive schemes, which in some cases have led to large FCA fines. But reward is not a straightforward issue – bonuses have always been...

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Regulation, Banking

Pressure builds on banks to agree fair treatment of push payment fraud victims

In the first six months of 2019, push payment scams cost victims some £208 million, but only a fifth were reimbursed as it was agreed that customers would only be compensated if they were found to be 'blameless' and the bank had not been sufficiently...

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Secret Diary of a Risk Manager, Risk Framework

Secret Diary of a Risk Manager: Entry 8 - The risk of people not understanding the risk framework

Ensuring there is a shared understanding of what we mean when we describe risks as “Severe” or “Material” or “Low” is a perennial problem for every risk manager. These words tend to get bandied about like they’re going out of fashion in risk meetings...

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