Blogs

Insider Threat to Information

A key executive leaves a financial services firm, purportedly to work in another industry. Any company would be disappointed to lose a senior executive. However, in this instance, he was followed by a spate of exits from his team. Thereafter the CEO also found from customers that this Executive had joined a competitor company and competitor was using certain confidential key numbers in their planning reports and presentations to customers. CEO also found that Executive had taken several hundreds of confidential electronic files with him to the other company.

Money laundering and terrorist financing through trade in diamonds

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The FATF and the Egmont Group of Financial Intelligence Units collaborated on a typologies research project to identify the money laundering and terrorist financing (ML/TF) vulnerabilities and risks of the “diamond pipeline”, which covers all sectors in the diamond trade: production, rough diamond sale, cutting and polishing, jewellery manufacturing and jewellery retailers.

Basel Guidelines on AML

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The Basel Committee on Banking Supervision has issued a set of guidelines to describe how banks should include risks related to money laundering and financing of terrorism within their overall risk management framework.

Prudent management of these risks, together with effective supervisory oversight, is critical in protecting the safety and soundness of banks as well as the integrity of the financial system. Failure to manage these risks can expose banks to serious reputational, operational, compliance and other risks.

United Bank of India - How Simple is projected as Complex

Banking is a very simple business.

You lend money and you recover money. In and Out. That's it.

And you don't need an automated system to tell you that you have not recovered money on your loans portfolio. there will be hundreds of people looking at data, reports, discussion, interactions with clients and so on who will know if there is a delay in payment.

A few examples
1. Did the Top Management not bother to see why the profits are being eroded.

2.Did Credit Risk Monitoring team not see that accounts had no activity during the annual reviews.

Insurance industry in 2014

With ex CMD of LIC joining as the IRDA chief and with greater focus on financial inclusion and innovations, this year promises to be quite interesting for insurance industry. Here is a roundup of actions expected in the insurance industry in 2014.

IRDA and FIU IND align AML processes

IRDA & FIU-IND has signed a Memorandum of Understanding (MoU) on cooperation as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering legislation.

Following the MOU, IRDA and FIU-IND will cooperate with each other in areas of mutual interest including the following:
a) Sharing of intelligence and information available in their respective databases.
b) Laying down procedure and manner in which the reporting entities report to FIU-IND.
c) Conducting outreach and training for reporting entities.

Ranbaxy - Compliance officer's worst nightmare

Read on to understand why compliance can be a big challenge especially in the pharma industry.

Shop at Big Bazaar and land up in a Timeshare presentation - A horrible shopping experience

I am not a regular shopper at the store, but went there while visiting a mall. So, here is a story on why I hated my recent trip to Big Bazaar. Shopping at big bazaar defies all business ethics. It faces a huge negative impact to its reputation risk. Its business risk is huge when it adopts unfair and unethical practices. Although, there is nothing legally wrong with what it does, but in the grey zone, it does a lot. And here's how.

Corporate Governance : Managing Diverse Expectations and achieving complete disclosures

Diverse Expectations
While the fundamentals of corporate governance apply across all substantial public and private enterprises, demands and capabilities of stakeholders vary. The family in family-businesses, institutional investors and private equity companies, shareholders, who contribute capital; third parties like auditors and rating agencies assess the risks; regulators, employees, customers, civil society - in short, Corporate Governance has different connotations for each of these segments.

Training in the Banking Industry

Training in the Banking industry is always in demand. Listing below some topics that are usually required for trainings by Banks/ NBFC.

-Credit appraisal- SME/ Agri/ mid Corporates/ Large borrowers-
-Legal aspects of banking- rights and obligations of bankers/ customers
-FSLRC Act/ Banking Ombudsman
-Types of charges and modes of creating charges
-Balance Sheet Analysis- Large corporates/ group appraisals
-Retail Banking- Deposits,Lending,cross selling
-Marketing Financial Products
- Customer service- how to attain the gold standard

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