RiskBusiness has now been providing governance, risk, audit and compliance solutions and content for 20 years. A lot has happened in those two decades, including events that have permanently shaped the landscape of the financial services sector.
Beleaguered US lender First Republic Bank has been taken over by JPMorgan in a deal brokered by regulators on Tuesday.
The Confederation of British Industry (CBI) has been embroiled in a sexual misconduct scandal, with allegations of rape, sexual harassment and discrimination being reported this week in an exposé by The Guardian.
Three people have been convicted for investment fraud and sentenced to a total of 24 and a half years for their roles, in a prosecution brought by the UK’s Financial Conduct Authority.
A look at the demise of SVB, Signature Bank and Credit Suisse and what this may mean for regulation.
t looks as though Credit Suisse is likely to be the next casualty in the banking crisis triggered by the collapse of California-headquartered Silicon Valley Bank earlier this week.
Last week, California-headquartered bank SVB (Silicon Valley Bank) announced a US$1.8bn loss due to asset sales in order to meet withdrawal requests. Trading of SVB stock was halted on the morning of Friday 10th March when stocks plummeted by 68%. By Monday, its US business had completely collapsed, in the largest banking failure since the financial crisis of 2008.
The Bank for International Settlements (BIS) and three central banks have announced the conclusion of a joint project looking into the potential pros and cons of using retail CBDCs (central bank digital currencies) for cross-border payments.
The American Banking Association (ABA) has withdrawn its support for a key proposal from the US Treasury, designed to help prevent the use of shell companies for fraud.
This time last year, with Covid restrictions lifted in most areas and the global pandemic still visible in the metaphorical rearview mirror, firms were optimistic about the year ahead. But then Russia’s tanks crossed the border with Ukraine, and all hell subsequently broke loose. Tensions between Russia and the West have been almost at breaking point, with thousands killed, a European energy crisis and the threat of nuclear war dragging geopolitical risk into the fore.
RiskBusiness is an international Governance, Risk, Audit and Compliance (GRAC) solution provider, with more than 200 financial services firms currently using our SaaS (Software-as-a-Service) solutions globally.