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Cyber risk and the threat of cyber-attack are two issues that should be high on the agenda of all those working in the risk and compliance space. And, if the recent spate of cyber-attacks world-wide shows anything, it is that cyber risk, and its associated threats, are not going to disappear any time soon—if ever.
 

What is ransomware?
Ransomw...

By Kwame Slusher

ASIC Media Release

Following intervention by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and the Australian Securities and Investments Commission (ASIC), the big four banks are taking action to protect small businesses from unfair terms in loan contracts.

Following a round table hosted by ASBFEO and ASIC, the bi...

By Kwame Slusher

Thursday 11 May 2017





Introduction

Recently, Morgan McKinley published
salary surveys on risk management and compliance. Sophie Peers, Risk and Compliance Manager at Morgan McKinley, spoke to GRC Professional about the expected future of risk and compliance in 2017.

 
Interview


What are some of the emerging trends in the risk and compliance field over the...

By Kwame Slusher




With the growing emphasis on technology to meet rising compliance challenges, the use of blockchain stands out as a strong contender.


“The Australian Stock Exchange is conducting a very serious evaluation as to whether or not they will replace the Chess clearing system for their back end,” Nick Giurietto, Chief Executive Officer and Mana...

By Kwame Slusher

APRA Media Release

The Australian Prudential Regulation Authority (APRA) today announced the appointment of four new senior executives to its leadership team, as part of a broader organisational restructure designed to equip APRA to continue to respond to changes in the financial sector.

Ms Melisande Waterford has been appointed to the ne...

By Kwame Slusher

Tuesday 9 May 2017




This article was republished from Financial Crime Edition 2017. Click here to download the article or scroll down. 




Introduction 
Tracey Beresford is the Financial Crime Intelligence Analyst specialising in AML at ME Bank spoke to the GRC Professional about factors that need to be considered when it comes to trying to stay compliant.
...

By Kwame Slusher

ACCC Media Release

6 May 2017

Australian Competition and Consumer Chairman Rod Sims addressed the 2017 Competition Law Conference in Sydney today. He spoke about the role of the Competition and Consumer Act in maintaining and restoring the faith of Australians in our market economy.

“Many questio...

By Kwame Slusher



When it comes to the banks, culture is a major topic. In the Australian context, however, it has been ASIC, the conduct regulator, that has been talking loudest about culture and conduct risk in financial services, and how that needs to change to facilitate better outcomes for consumers and the Australian financial markets as a whole.
 
Despite...

By Kwame Slusher



The question of collaborating to protect the Australian financial system may be more complicated than regulators realise.
 
At the public launch of the Fintel Alliance earlier this year, Australian Transaction Reports and Analysis Centre (AUSTRAC) CEO, Paul Jevtovic, suggested the idea that the regulator cannot be both partner and regulator is ...

By Kwame Slusher

Australia's first risk assessment of stored value cards (SVCs), such as travel and retail gift cards, has revealed how criminals can exploit these seemingly innocent modern technologies for ill-gotten gains, including money laundering and terror financing.

Ministe...

By Kwame Slusher