Compliance is a word that all companies, especially financial firms, need to know but is one that is not always enduring to boards and senior management. After assigning compliance officers the task of designing the compliance program, many executives lose interest and move on to more compelling concerns. But considering the potentially devastating risks to reputation and profitability of non-compliance, an effective compliance program requires continuous engagement, support and investment.
Much attention has been paid to the financial fallout of COVID-19 in the banking industry, but not as much to the emotional toll on managers and staff. Senior bankers have the technical know-how to weather the coronavirus crisis, but they sometimes lack the soft skills needed to steer an institution through choppy emotional waters. How can they build those essential soft skills at a time when they are desperately needed – and what will that new focus mean for the future of executive training?
Financial institutions, coping with a tsunami of concerning issues, must face the reality of a more coordinated tidal wave of AML regulations, which regulatory regimes worldwide plan to enforce. The risks of disciplinary actions are too great for C-level and board members to ignore, so what developments do they need to know and what steps must they take to protect their companies, and themselves, from the consequences of compliance failure?
Invoice financing is becoming increasingly more mainstream as a financing option for businesses — and it may pose an opportunity for banks as well. Invoice financing refers to the process of a business borrowing money against its accounts receivables (versus credit worthiness).
Climate change has already altered industries, and banks have not escaped its reach. Banks are finding that climate-related risks, both physical and transitional, are manifesting on their balance sheets. As with any risk, financial institutions that fail to effectively manage climate-change risks are more vulnerable to the rising tide of environmental hazards. What does recent research indicate about banks’ responses to the financial risks (and opportunities for investment) associated with our changing climate?
The world’s citizens have always been beset by risks of different types, but the frequency and intensity of risks from a variety of sources are increasing, especially for emerging economies in Latin America and the Caribbean. Insurance is the preferred recourse for those suffering from unfortunate events beyond their control, but even insurance has its limitations. What are the most effective risk-management tools available today?
This year marks 50 years since the introduction of the first ATM, which was put into use by Barclays in its Enfield branch in north London on 27th June 1967. Technology has come a long way since this early version of the self-service systems we use today but one thing hasn’t changed – the need for robust security solutions is critical for ATMs around the world.
Doing business around the world has always involved risk, but today risks seem to be multiplying, influencing the willingness of businesses to branch out. On top of slow growth and deflation, 2017 could be a challenging year for the global economy—and yet risk-management strategies such as insurance can alleviate the impact.
Banks today need more than lucky breaks to thwart the increasingly persistent and clever efforts of cybercriminals. The risk-management function of every bank today is facing a growing myriad of ever-intensifying threats, from hackers to terrorists, but fortunately there is ammunition at their disposal.