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Risk Management

Source: Blockchain Association Singapore

Global FinTech Institute (GFI), Singapore- based global professional credentialing body for FinTech professionals, Blockchain Association Singapore (BAS), the leading industry association for Digital Asset and Enterprise Blockchain, and Elliptic Singapore Private Limited (Elliptic), a leading provider of Digital Asset Risk Management Solutions for Digital Asset businesses and financial institutions, today announced it has inked a Memorandum of Understanding to roll out a Digital Asset Compliance Certification at a virtual event earlier today.

Source: Bank for International Settlements

The Basel Committee on Banking Supervision today issued Principles for operational resilience, which aim to make banks better able to withstand, adapt to and recover from severe adverse events.

Federal regulators have slammed Citigroup for failing to correct deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls, hitting the bank with a $400 million fine and cease and desist order.

The European Central Bank says EU financial institutions have an over-optimistic view of their IT resilience and resistance to cyber threats owing to an undue reliance on outsourcing and legacy wiring.

Source: Refinitiv

Refinitiv is further expanding the scope of its data-driven due diligence reports with the addition of cybersecurity and company credit risk ratings from BitSight and Creditsafe.

Source: Acams

Divided opinion on the perceived risk of cryptocurrency including the links between cryptocurrency and illicit purposes were among the key findings of a global survey -- the second commissioned by RUSI and ACAMS in partnership with YouGov – and based on 566 unique responses from across the global financial and cryptocurrency industries, including cryptocurrency exchanges, financial regulators and financial intelligence units.

Source: Konsentus

Konsentus announced today that IT Financial Services company, Bankdata, has selected Konsentus to provide Third Party Provider (TPP) regulatory & checking services to all their customers in Denmark.

The Financial Stability Board is attempting to develop a co-ordinated regulatory approach to the risks arising from bank outsourcing and third party relationships.

In the first ever comprehensive recommendation to be provided by a US financial regulatory agency to other regulators and financial institutions, the US Commodity Futures Trading Commission’s (CFTC) Climate-Related Market Risk Subcommittee has released a strong warning signal about climate risk management.

Source: Pintec

Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the “Company”), a leading independent technology platform enabling financial services in China, today announced an update on its cooperation with Industrial and Commercial Bank of China (“ICBC” or the “Bank”). ICBC has adopted and implemented Pintec’s SME risk management solutions for its micro- and small-sized (“SME”) lending business, further enhancing the effectiveness of its lending services for SME clients.

The European Central bank has blamed a software defect at a third party technology provider for an outage that downed the Target2 settlement system for almost 11 hours on Friday.

Source: ACI Worldwide

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, today announced that Sri Lanka’s National Savings Bank (NSB) will leverage its Payments Risk Management solution to enable enterprise-wide fraud detection and prevention.

Source: FIS

Financial technology leader FIS announced today that KfW, one of the largest banks in Germany, has successfully completed a multi-year project to transform its risk management operations using advanced technology from FIS.

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