SET Training - Banking and Fintech

  Introduction Whistleblowing is a critical process for uncovering unethical or illegal activities within organizations, governments, or corporations. As societies and industries evolve, the need for transparency and accountability becomes more pressing. In today’s interconnected world, where corporate and governmental influence extends far beyond borders, the act of whistleblowing has taken on new significance. It is no longer merely a matter of morality or personal ethics; it has become an essential tool for promoting justice, fairness, and ethical behavior. With the global rise in corporate scandals, fraud, corruption, and environmental violations, whistleblowers have become crucial figures in unveiling misconduct and ensuring public trust. However, the practice of whistleblowing comes with substantial risks, from professional and personal consequences to retaliation and legal threats. This article explores the ethical, legal, and pragmatic dimensions of whistleblowing, examinin...

  The UK Government has published its National Payments Vision , an initiative spearheaded by the Chancellor to streamline and modernize the payments landscape. Below is a summary of its key points, structured for clarity and analysis. 1. Regulatory Coordination Between the FCA and PSR Currently, payments oversight is shared between the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR). The consultation process revealed significant overlap and a lack of coordination between these regulators. To address this, the FCA will assume primary responsibility for regulatory decisions that fall within its scope, including areas that intersect with the PSR’s mandate. 2. Modernizing Payments Infrastructure The report highlighted inefficiencies in the pace of infrastructure upgrades within the payments sector. To accelerate reform, a new committee will replace the existing structure, which heavily relied on banking and consultancy representatives. This change aims to del...

Introduction Internal controls are foundational elements within any organization, intended to provide reasonable assurance that processes operate smoothly, risks are minimized, and objectives are achieved efficiently. Leaders depend on these controls to function as a reliable safeguard, trusting that they’re well-designed, correctly installed, and actively maintained. Yet, a recurring pattern emerges through countless audits: controls inevitably break down over time. This breakdown can arise from various factors, including changing organizational priorities, rapid technological advancements, staff inexperience, or simple human error. Without ongoing attention and diligence, even the most robust control frameworks are vulnerable. Such failures not only expose the organization to potential risks but also create an opportunity for improvement when properly addressed. Auditors and compliance professionals are instrumental in diagnosing control breakdowns and recommending solutions to mitig...

An analysis of reactions of banking, fintech and tech leaders to the re-election of Donald Trump, tends to focus on the potential impacts across various sectors including finance, climate policy, banking, technology, fintech, and cryptocurrency. Here's a breakdown by key subject areas: Economy and Markets: Analysts predict that Trump’s policies will focus on expanding U.S. fiscal policy, reducing regulation, and promoting aggressive trade tactics. Daniel Casali of Evelyn Partners notes the likelihood of tax cuts, which could benefit equities and drive growth. However, others warn that this economic boost may come with long-term global consequences. Climate Policy: The administration’s stance is expected to be less focused on climate initiatives, echoing Trump’s first term, which could stall global climate progress unless other nations take up the slack. Garry White of Charles Stanley anticipates fewer regulations on fossil fuels and a decrease in subsidies for green investments, p...

Introduction In an age where we’re constantly surrounded by “experts,” it’s natural to wonder: how much do they really know? We see experts making predictions, giving advice, and influencing decisions in almost every aspect of society—from economics to medicine to psychology. Yet, it often feels like their conclusions can be as variable as the weather, leaving us to question their credibility. Are experts truly experts, or is their authority overestimated? In a world where information is easy to access but difficult to validate, distinguishing between genuine expertise and overconfidence is more crucial than ever. This article explores what expertise is, how it varies across disciplines, and why a healthy dose of skepticism can be valuable when navigating fields marked by high levels of uncertainty. By understanding what constitutes expertise—and where it can falter—we can make better-informed decisions and cultivate a balanced view of expert opinions. The Nature of Expertise: Stabilit...

Introduction In a world that champions optimism, the idea of focusing on potential pitfalls might seem counterproductive. Yet, when it comes to managing risks, particularly operational risks in sectors like banking, adopting a mindset that anticipates problems rather than avoids them can be a powerful tool. While the phrase “Positive Power of Negative Thinking” may resonate with those who remember psychologist Julie Norem’s 2002 book by that name, our use of the concept here differs significantly. Norem’s work on “defensive pessimism” illustrated how anticipating challenges could improve personal resilience and performance. But in risk management, this strategy extends further, creating a proactive framework for anticipating, assessing, and mitigating potential threats. This approach—thinking critically about what could go wrong—has proven indispensable in my own journey within risk management since 1991. The fundamental idea is that by rigorously identifying everything that could go w...

How Artificial Intelligence is Reshaping the Landscape of Job Fraud and Corporate Espionage By Stanley Epstein Introduction In the ever-evolving landscape of cybersecurity threats, a new and particularly insidious danger has emerged: the use of artificial intelligence (AI) to impersonate job candidates. This cutting-edge form of deception, utilizing deepfake technology, represents a significant escalation in the ongoing battle between cybercriminals and security professionals. As organizations grapple with this new threat, the very nature of hiring processes and corporate security is being called into question, forcing companies to adapt rapidly or risk falling victim to this high-tech fraud. The implications of this trend extend far beyond simple identity theft or financial fraud. By gaining access to sensitive corporate information through falsified job applications, cybercriminals can potentially inflict devastating damage on organizations, ranging from intellectual property theft ...