In 2023, the banking industry globally faced more than £670 million in fines for inadequate AML Governance processes. Indicatively, it is imperative organisations to bolster their detection capabilities and stay ahead of evolving risks.
UK Financial Services firms reported a more than threefold increase in the number of cyber security breaches to the Information Commissioners Office (ICO) in 2023 compared to the previous year.
As part of the organisation’s Operational Resilience (Ops Res) initiative and in particular the Third-Party Risk Assessment component, our client a leading Insurer, wanted to carry out Risk Assessment reviews for a selection of critical suppliers.
A well-known global exchange specialising in international trade, and freight market information provision for the trading and settlement of physical and derivative contracts needed to meet the expectations set by the Financial Conduct Authority (FCA).
Cyber Security has traditionally been perceived as a technological issue, however it’s now imperative that organisations recognise cyber security as an Environmental, Social, and Governance (ESG) concern due to its immediate and financially material sustainability risk for organisations.
The financial industry has traditionally been relying on an enormous supplier ecosystem to provide its services, however, in more recent years derived from the pace of change of technology, there is an emerging threat that could impact the stability of the entire financial market in a blink of an eye.
The EU has set December 2024 as a critical milestone for organisations to establish the principles and practices to enhance ICT resilience across the financial sector.
The client asked TORI to conduct an independent assessment of their Operational Resilience framework, in order to identify potential vulnerabilities and gaps against the regulatory requirements and industry best practices.
Consumer Duty is NOT a new version of the existing “fair treatment of customer” published by the FCA. The intention of this new regulation is to ensure Financial institutions re-think and shape their business models to deliver customers with “fair” value-for-money and transparency.
The UK is preparing the ground to enter the world of digital assets. The Bank of England (BoE) has recently published a digital pound consultation paper related to digital currencies and exchanges, in line with actions taken by other European Countries, and in particular, EU member states (MICA).
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