GRC News Roundup August


To keep you up to date with all the latest news and events, we have selected the GRC category news highlights from the past month below. Click here to Subscribe to our regular GRC news updates.

SEC charges adviser with defrauding pro-athlete (Aug 29th)

The adviser had built an elaborate scheme involving false bank accounts, forged documents and even an impostor acting as a Schwab representative, all in efforts to hide the lies the adviser was giving his client. The adviser allegedly told his client that he was paying fees between .15% and .20%, when in reality he was paying 1.0%. (source).

FCA uses Arnie to push message (Aug 29th)

The Financial Conduct Authority has decided to use Arnold Scharzenegger in a new advert to comic affect. The advert was released Tuesday to push a message to the British public about the deadline day for the public to submit for compensation surrounding the Payment Protection Insurance Scandal. (source).

SEC's top 5 most frequent compliance deficiencies (Aug 24th)

Based on an official release from the OCIE (Office of Compliance Inspections and Examinations) the most frequently identified compliance topics in deficiency letters following an examination, we published an infographic of the SEC's top 5 most frequent compliance deficiencies. 

Deerfield agrees $4.6mil settlement with the SEC (Aug 21st)

The New York hedge fund agreed the settlement after it failed to have adequate internal controls to ensure managers didn't trade based on inside information they received from consultants. (source).

Conduct risk and AML top risks for banks according to ECB (Aug 21st)

The European Central Bank recently came out and ranked conduct risk and AML as key priorities for the EU banking sector. (source).

How Compliance has changed over 20 years (Aug 16th)

The Wall Street Journal published an interview with the Chief Executive of the SCCE Roy Snell. In it he talks about how the GRC landscape has changed in the past 20 years, and about his potential successor. Read the full interview here. 

1 year since scandal, Wells Fargo sees advisers leave with more than $19.2 billion (Aug 16th)

Nearly a year on from their banking scandal, Wells Fargo are still seeing repercussions. A reported 70 teams of advisers working with around $19.2 billion in assets have left since last October. (source).

SEC charges KPMG with audit failures (Aug 15th)

KPMG agreed to pay $6.2 million to settle charges with the Securities and Exchange Commission for failures to properly audit the financial statements of an oil and gas company, which resulted in a mis-evaluation of the energy companies value. (source).

Despite SEC warnings, Initial Coin Offerings continue to grow (Aug 7th)

Last month the SEC issued a warning surrounding ICO's, that "they have little legal oversight and some appear to conflict with the commission's basic advice." Despite this July was the biggest month to date for ICO's with 34 projects raising $665 million.(source).

UK data protection laws to be overhauled (Aug 7th)

The new proposed bill will see UK data protection laws align closely with the EU's GDPR (General Data Protection Regulation). (source)

Read our GRC News recaps from previous months

July GRC News

June GRC News

May GRC News