The Summer School in Amsterdam is a unique training organised by Risk & Compliance Platform Europe on ESG, Integrity & Anti-Corruption in an International Context of Compliance. Our summer course will provide multiple benefits for participants, namely: broadening and deepening your knowledge, learning from practical cases, sharing your expertise with fellow peers, and enriching your network with international professionals. You will also have the opportunity to share best practices, brainstorm ideas, learn new methodologies, and directly apply new tools to practical exercises.
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The European Commission announced 20 laureates of the New European Bauhaus (NEB) Prizes 2024, for the fourth year in a row, organised with funding from the Cohesion Policy. These prizes reward outstanding projects and initiatives that combine sustainability, inclusion and aesthetics, demonstrating how the European Green Deal transition can practically enrich the lives of people and communities. The prizes are awarded in four categories and two strands: one for established projects (the “New European Bauhaus Champions”) and one for promising initiatives from younger applicants (the “New European Bauhaus Rising Stars”). The 2024 edition includes a special award for reconstruction projects from Ukraine, as well as a strong focus on EU regions facing socio-economic constraints or green transition challenges.
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The European Central Bank (ECB) and the European Banking Authority (EBA) aim to harmonise and integrate data reporting by the banking industry with the goal of improving efficiency and reducing the associated costs. To this end, the two institutions have on 18 March established the Joint Bank Reporting Committee (JBRC), which is tasked with helping to develop common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution purposes. Continue reading…

The International Association of Insurance Supervisors (IAIS) has published its 2024 Roadmap. The Roadmap outlines the IAIS’ work programme and is guided by the 2020-2024 Strategic Plan. The 2024 Roadmap provides substantial continuity in the IAIS’ workplan. “Significantly, 2024 marks the culmination of a 13-year journey for the global Insurance Capital Standard (ICS), including extensive data collection and analysis, broad global participation from supervisors and insurance groups during the monitoring period and rigorous consultation,” said Jonathan Dixon, IAIS Secretary General. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has fined Scope Ratings GmbH (Scope) a total of EUR 2,197,500, and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRA Regulation). ESMA found that Scope fell short of the CRA Regulation’s requirements on handling conflicts of interest. This finding resulted from structural failures and specific breaches of the conflict of interest obligations in the CRA Regulation. Continue reading…

by Yannis Stournaras

Central bankers have encountered significant challenges over the past 15 years: a global financial turmoil, the euro area sovereign debt crisis, a prolonged period of very-low inflation, the pandemic, and the outbreak of geopolitical crises along with a series of supply-side shocks. Each of these developments has impacted on inflation and economic activity. Each has done so in a different way. In the following remarks, I argue that the monetary policy measures adopted by the ECB during that period — including the lowering of the policy rate to negative levels for a period of 8 years — managed to support a sustained progress towards price stability, ensuring at the same time financial stability, and supporting economic welfare. That said, there were difficult trade-offs to manage. Over time, low rates and non-standard monetary policy measures may lead to excessive leverage and cause short-term dislocations in financial markets. In addition, as we have recently seen, a pivot in the monetary policy stance to combat higher inflation, can cause losses to central banks because they have to remunerate their liabilities at higher interest rates, while their assets have locked in low yields. Do these losses impair the ability of central banks to apply their preferred monetary policy rules? Do they compromise their independence? I argue they do not.
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Nearly half (48 per cent) of businesses may lack the necessary backup measures to prevent catastrophic data losses, according to new research from Fasthosts released ahead of World Backup Day on 31st March. In a digital era where data is the most valuable commodity on the planet, businesses must take note. This is further underlined by recent and high-profile data catastrophes such as Pixar’s Toy Story 2 nightmare, GitLab’s data deletion mishap and the unfortunate data loss in Ohio counties. These stark reminders highlight the perilous journey data can take without the safety net of robust backups. Continue reading…

AT&T* has determined that AT&T data-specific fields were contained in a data set released on the dark web approximately two weeks ago. While AT&T has made this determination, it is not yet known whether the data in those fields originated from AT&T or one of its vendors. With respect to the balance of the data set, which includes personal information such as social security numbers, the source of the data is still being assessed. Continue reading…

A quarter of 15 to 29-year-olds in the EU are at risk of poverty or social exclusion1. Growth of instant payments could mean many more young adults will have savings by 2028. ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, instant payments technology, has on 18 March revealed striking new data proving instant payments2 will boost the financial prospects of young adults in the EU. New research from the Centre for Economics and Business Research (Cebr) commissioned by ACI Worldwide shows that for every 5% increase in the volume of instant payments, the number of 15 to 24-year-olds globally who saved money in the last year increased by 15.6% on average. Continue reading…

by Inge van Dijk

On November second of last year the city of Amsterdam, came very close to disaster. It had been raining heavily for weeks, very unusual even by Dutch standards. Water levels in the waters north of Amsterdam had been rising. On top of that, storm Ciarán was about to reach the coast and drive up the water to even higher levels. Normally, under these circumstances, the sluices around the city drain excess water into the North Sea. But in this case the drainage system malfunctioned. At seven o’ clock that morning, people in some of the lower lying parts of the city saw the water sloshing against their basement windows. By that time the regional water authorities were in full crisis mode and the mayor had been warned. Finally, at half past seven the lock shafts at the sluices were repaired, and the water started to drop slowly. It was just in time: the water could have risen to up to one meter in parts of Amsterdam. Afterwards, the water authorities warned that, although there had been an exceptional combination of factors at play, we are likely to see these kind of water levels more often. Because of extreme weather conditions, caused by climate change. This is just one relative minor example from my home soil. I could have also mentioned the forest fires in Australia, droughts in Africa and central America and cyclones in South East Asia. Continue reading…