How to Design and Implement an Effective Enterprise Risk Management System

Enterprise Risk Management (ERM) Training Course

2/3 November 2015 - Singapore
15/16 December 2015 - Hong Kong

This Enterprise Risk Management (ERM) training course is a practical hands-on training program designed for managers, professionals, consultants, internal and external auditors that deal with the complexities of enterprise wide risk management function on a daily basis.

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Hong Kong Banks Shut Down US Accounts Rather Than Deal with FATCA

From China Briefing -

“Due to its geographical proximity to the mainland, modern and (until now) friendly banking system and transparent legal regime, Hong Kong has long served as a popular gateway into China for foreign businesses. Americans in particular have favored the former British colony, which retains its widespread use of the English language and Western business ideals, as a launching pad for their operations into mainland China.

However, since the Foreign Account Tax Compliance Act (FATCA) came into effect in early July, many Hong Kong based banks have been refusing to open new accounts for, and even shutting down the existing accounts of, American individuals and corporations.”

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Standard Chartered NY forced to suspend clearing following AML concerns

From Banking Technology

‘Standard Chartered Bank’s New York business has been fined $300 million and ordered to suspend US dollar clearing services to retail clients of the bank in Hong Kong, following an investigation by the New York State Department which determined its transaction monitoring system does not meet anti-money laundering requirements agreed in 2012.

In 2012, Standard Chartered was accused of breaching US sanctions against Iran by processing transactions to the country. Although a settlement resolved these issues at the time, Standard Chartered is now being accused of breaching that settlement, which required the bank to improve its AML processes.’

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Hong Kong banks face global tax woe

From Finance Asia

Hong Kong’s banks, in the midst of adapting to the new US Foreign Account Tax Compliance Act (FATCA), are now facing a tax headache on a global scale.

In July, the month where FATCA became a reality for the region, the OECD published guidelines on the adoption of a much broader and more ambitious set of rules.

Common Reporting Standards (CRS), or GATCA as the rules have been dubbed, effectively require all participating countries to share tax information with each other.

Unlike FATCA, no timeframe has been given for adoption — Hong Kong has yet to sign up — but there is a similar level of confusion; and the burden on the city's regulators and banks has intensified.”

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Not managing your risks? You could end up in jail

A United Kingdom Parliamentary Commission has recommended that senior bankers be jailed for reckless management practices and that includes messing up on risk management.

The 571-page report from the Parliamentary Commission on Banking Standards pulls no punches as it sets out a list of reforms to an industry that has lost the trust of the British public in the wake of a series of damaging scandals, from Libor-rigging to misselling banking products.

We have two Operations Risk Management courses coming up; one in Tel Aviv in July and in Hong Kong in August. 

This 2-day intensive training course provides a complete structured package covering all aspects of Operational Risk. The course will enable participants to prepare and manage the planning and implementation of operational risk management processes in their bank/ financial institution or firm.

Don't end up behind bars!

Operations Risk Management - Tel Aviv - 29 & 30 July

Operations Risk Management - Hong Kong - 26 & 27 August

Citi sets sights on international markets to cement mobile banking focus

“Financial institution Citi is rolling out its iPad application internationally to reach new groups of consumers and show them how mobile banking works.

Citi has rolled out the iPad app to Russia and Hong Kong as part of a bigger marketing strategy to expand its global footprint this year. Mobile has played a key role for Citi over the past few years to help clients manage their accounts from their handsets.”

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