Monday, 28 September 2020

Online Mini-Courses

For almost 19 years Citadel Advantage has been producing high quality training courses aimed at the Governance, Risk Management and Compliance space.

We have and continue to offer a wide & comprehensive range of professional courses and training programs in the core areas of governance, compliance, operational risk management, payment & treasury systems, fintech, blockchain and operations/back office management. Our programs are mostly 2-day units with some 1-day units for shorter topics. Some programs are more involved and can run for 3, 4 or even 5-full days.

In recent times and especially since the COVID-19 crisis emerged some 6 months ago, there has been a growing demand for online programs that are much shorter and that get to heart of these issues, providing all the information you need in much shorter sessions of between 60 and 90 minutes.

With this in mind, Citadel Advantage is happy to introduce our Online Mini-Courses - short, to the point sessions that get to the nub of the issue, giving you all the information that you need at your office or home at a fraction of the cost of the typical two-day program.

Why not check out our first such Online Mini-Course - THE A TO Z GUIDE TO MANAGING OPERATIONAL RISK which is scheduled for November 10 (10 am PDT / 1 pm EDT). The cost is only $50; and if you register now we will give you a 10% Early Bird discount (use discount code CAEB).

Find out more about this Online Mini-Course HERE


Wednesday, 2 September 2020

Correspondent Banking - What might replace a clunky system in a world where payments are becoming ever more global?

The Bank for International Settlements (BIS) said in a recent report that the number of correspondent banks — where banks and financial institutions (and domestic payment systems) are linked together — slipped 3% in 2019 vs. 2018 and declined a significant 22% from 2011 to 2019.

Even though more money is crossing borders digitally, there are fewer correspondent banks to move that money. And the hallmark of that money movement — a lack of transparency and speed. What might replace a clunky system in a world where payments are becoming ever more global?

Read the article HERE.

Monday, 31 August 2020

What have we learned from the Wirecard debacle?

There’s no doubt that the demise of Wirecard has shaken the payments industry to its core. For many, it was always assumed that the biggest benefit to businesses having access to large global banking networks was the ability for them to intelligently route payments to get the highest conversion rate and drive higher revenue. That assumption was found lacking. Even in 2020, accepting payments is something one can no longer take for granted. Check out the lessons we have learned HERE.

Friday, 28 August 2020

Operational Risk and Operational Resilience - BIS releases consultative document

The Basel Committee of the BIS released a new consultative document on the principles for operational risk and operational resilience on 6 August 2020.

The consultative document has a three-part focus;
  • It proposes operational resilience principles that are aimed at increasing the capacity of banks to withstand disruptions due to potentially severe events.
  • Proposes updated principles on operational risk focus on change management and information and communication technologies (ICT).
  • Acknowledges that Covid-19 has raised the importance of operational resilience and of mitigating operational risk.
In recent years, the growth of technology-related threats has increased the importance of banks' operational resilience. The Covid-19 pandemic has made the need to address these threats even more pressing. Given the critical role played by banks in the global financial system, increasing banks' resilience to absorb shocks from operational risks, such as those arising from pandemics, cyber incidents, technology failures or natural disasters, will provide additional safeguards to the financial system as a whole.

Recognizing that a concerted operational resilience effort may not prevent a significant shock resulting from a specific hazard, the Committee is looking for comment on proposed Principles for operational resilience that aim to mitigate the impact of potentially severe adverse events by enhancing banks' ability to withstand, adapt to and recover from them.

The Committee is of the view that operational resilience is also an outcome of effective operational risk management. Activities such as risk identification and assessment, risk mitigation (including the implementation of controls), and ongoing monitoring work together to minimize operational disruptions and their effects when they materialize. Given this natural relationship between operational resilience and operational risk, the Committee is proposing updates to its Principles for the sound management of operational risk (PSMOR).

Specifically, the Committee is proposing a limited number of updates to:
  1. align the PSMOR with the recently finalised Basel III operational risk framework; 
  2. update the guidance where needed in the areas of change management and ICT, and 
  3. enhance the overall clarity of the principles document.
The proposed principles for operational resilience set forth in this consultative document not only build upon the proposed updates to the PSMOR, they are largely derived and adapted from existing guidance on outsourcing, business continuity, and risk management-related guidance issued by the Committee or national supervisors over a number of years.

By building upon existing guidance and current practices, the Committee is seeking to develop a coherent framework and avoid duplication. The proposed operational resilience principles focus on governance; operational risk management; business continuity planning and testing; mapping interconnections and interdependencies; third-party dependency management; incident management; and resilient cybersecurity and ICT.

Comments to the CDs should be submitted to the BIS (for link Click here ) by Friday 6 November 2020. All comments may be published on the BIS website unless a respondent specifically requests confidential treatment.

The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee does not possess any formal supranational authority, and its decisions do not have legal force. Rather, the Committee relies on its members' commitments to achieve its mandate. The Basel Committee is chaired by Pablo Hernández de Cos, Governor of the Bank of Spain. More information about the Basel Committee is available here.

Thursday, 13 August 2020

COVID-19 Sparks a Steep Deterioration in Small Business Attitude

Mercator Advisory Group’s new Insight “Summary Report, 2020 Small Business PaymentsInsights, COVID-19 and B2B Payments & Cards - The Result of the Pandemic”, reveals that U.S. small businesses have a much less positive view of the future than in previous years.

Sunday, 9 August 2020

6 Features Merchants Need from Payment Gateways for Transaction Processing

A new research report from Mercator Advisory Group, “Gateways Become Rising Force in U.S. Payments Industry, Part 1: A Market Overview”, provides analysis and insight on the current state of the U.S. payments gateway market, supported by a Mercator Advisory Group e-commerce sales data forecast.


Saturday, 8 August 2020

Wirecard Execs may have hidden $1billion before collapse

In anticipation of its collapse in June, Wirecard AG executives may have raided the German payment company and deposited $1 billion in partner companies while it fought allegations of accounting fraud, the Financial Times reported. 

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