Fraud cannot be attributed to one factor only. On the contrary, a multifaceted and multifactor approach to the study of fraud must be undertaken. Looking at a fraudsters perspectives, it is necessary to take account of motivation of potential offenders, condition under which people can rationalize their prospective crimes away, opportunities to commit crimes, the perceived suitability of targets for fraud, technical ability of the fraudster, the possibility and likelihood of fraud discovery and carrying…

The special governance of banks and other financial institutions is firmly embedded in bank supervisory law and regulation. Most recently there has been intense discussion on the purpose of non-bank corporations. For banks stakeholder governance and, more particularly, creditor or debtholder governance is more important than shareholder governance. Even though reform are still uncertain. Banks are special, and so is the corporate governance of banks and other financial institutions. Empirical evidence, mostly gathered after the…

Do we ever think of the amount of data we create each day? Every message we send, every credit card transaction, even every web page we open. This offers endless opportunities to leverage this data for the most forward-thinking businesses in many areas, and the banking industry is no exception. While digital banking is used by almost half of the world’s adult population, financial institutions have enough data at their disposal to rethink the way…

Given the challenges and opportunities of the digital transformation and its inevitable impact on the business model of banks, it is natural that it also impacts their governance. This impact can be based on the two dimensions of governance mentioned above. Firstly, a cognitive dimension, which concerns all the actors of the governance system: the board of directors, the management and also all the employees who must adhere to the new strategic digital vision of…

Banks will need to become more resilient and reinvent their business models to ride out the current volatile period and achieve long-term growth and profitability. At a time of growing corporate and government commitments to reduce greenhouse-gas emissions, we also shine a spotlight on sustainable finance, a much-discussed theme in banking. Despite lingering skepticism and concerns about greenwashing, we find strong evidence suggesting that climate-related financing is entering a “next era,” as the initial surge…

Given the challenges and opportunities of the digital transformation and its inevitable impact on the business model of banks, it is natural that it also impacts their governance. This impact can be based on the two dimensions of governance mentioned above. Firstly, a cognitive dimension, which concerns all the actors of the governance system: the board of directors, the management and also all the employees who must adhere to the new strategic digital vision of…

Banks will need to become more resilient and reinvent their business models to ride out the current volatile period and achieve long-term growth and profitability. At a time of growing corporate and government commitments to reduce greenhouse-gas emissions, we also shine a spotlight on sustainable finance, a much-discussed theme in banking. Despite lingering skepticism and concerns about greenwashing, we find strong evidence suggesting that climate-related financing is entering a “next era,” as the initial surge…

Innovation happens out of dire necessity. Innovation is not a fancy engagement but a response to severe market challenges and regulatory constraints and pressure. Innovation is a continuous change management process which is often messy and chaotic, striving to succeed amidst the complex silos in financial institutions. Successful innovation is determined by a combination of factors. The most successful financial institutions initiate a myriad of strategic and operational changes, involving processes and technology, workflows, changes…

The unconventional path needs the changing role of the auditor and the internal audit function amid today’s headwinds. As far as Internal Audit is concerned, time reckons it needs a cross-functional approach by working in consulting and various functions across banking including organization, human resources, risk management, and compliance internal audit. Training, in particular, has played an important part in both the Head of Audit & ICC and the development of those around him. Multi-disciplinary…