BeyondRisX

🚨 Lawsuit Alert: Meta Facing Fraud Allegations in Japan 🚨 Thirty people in Japan have filed lawsuits against Meta Platforms, Inc. (formerly Facebook) and its Japanese subsidiary, claiming damages over fraudulent ads on Facebook and Instagram. The plaintiffs, demanding about 435 million yen, allege that Meta failed to block fake investment ads that misused celebrity names and images, leading them to fall victim to scams. The lawsuit, filed across five Japanese cities, challenges Meta’s responsibility in allowing questionable ads to remain on its platforms. Yasumichi Kokufu, head lawyer for the plaintiffs, stated, “Leaving fake ads intact is illegal.” This case underscores the growing scrutiny on tech giants to prioritize user protection against online scams. #meta #fakeads #penalties #riskmanagement #rmax #dataprotection Jitender Arora, CFIRM Priyadarshi Dutta Dr.Aneish Kumar Bhavani Jois Shweta Bakshi David Nayagam Baratwaj Narasimhan Syed Ali Jafri, ACSI, ICA Priyanka Rana RISK HAWK

We are delighted to share our news roundup for the month of October. This month's roundup has been diligently compiled by our team, gathering the most recent stories, insights, and news items related to risk from India and worldwide. These valuable resources come from multiple reliable sources, offering you a comprehensive reference for your #riskmanagement needs. Highlights this month include: Ireland fines Meta €91 million over EU data breach: Meta faces yet another setback in Europe with Ireland imposing a substantial €91 million fine for failing to comply with EU data protection regulations, underlining the financial and reputational risks tied to data privacy. Apple and Goldman Sachs ordered to pay $89 million over Apple Card failures: In the U.S., Apple and Goldman Sachs are held accountable for shortcomings in the Apple Card service, resulting in an $89 million payout. This case emphasizes the risk associated with technological and financial partnerships in fintech. Fake SBI Branch Comes Up in Chhattisgarh, People Duped of Lakhs: A shocking incident in India saw a fake State Bank of India branch set up in Chhattisgarh, defrauding unsuspecting customers of significant amounts. This incident highlights the risks of banking fraud and the need for stronger regulatory vigilance. RBI bans four finance companies from sanctioning and disbursing new loans: The Reserve Bank of India has imposed a ban on four finance companies from issuing new loans, underscoring the regulatory pressures and potential operational risks financial institutions face in India. At #BeyondRisX, we aim to foster a community of like-minded professionals passionate about elevating the risk excellence culture. These recent developments emphasize the ever-evolving nature of risk management, and we encourage you to join the conversation. Share your thoughts, experiences, and suggestions in the comments section. To ensure you never miss an update, be sure to follow our page and activate notifications. Together, we can continue to explore the fascinating and ever-evolving world of risk, keeping you at the forefront of industry trends and insights. Jitender Arora, CFIRM Ravi Raman CAIA, CFIRM, FIII Priyadarshi Dutta Dr.Aneish Kumar Vinay Disley Shweta Bakshi Anindita Roy Arshi Siddiqui David Nayagam Baratwaj Narasimhan Shiva Subramony Sachin Radhakrishna Lalmani Belbase, CIA, CISA, CISM, CRISC, CRMA, CFSA Syed Ali Jafri, ACSI, ICA Priyanka Rana Varun Narang Kapil Madan Naresh Kumar RISK HAWK Indrajeet Banerjee (IB) The Specialists Amit Ranjan Bhavani Jois

TD Bank's record-breaking $3 billion AML settlement has exposed critical lapses in anti-money laundering compliance, with key lessons for financial institutions worldwide. This article “𝗪𝗵𝗮𝘁 𝗕𝗮𝗻𝗸𝘀 𝗖𝗮𝗻 𝗟𝗲𝗮𝗿𝗻 𝗳𝗿𝗼𝗺 𝗧𝗗'𝘀 $𝟯𝗕 𝗠𝗼𝗻𝗲𝘆-𝗟𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗦𝗰𝗮𝗻𝗱𝗮𝗹” dives into the case's background, examines the consequences of TD's failures, and highlights the urgent need for proactive AML strategies to safeguard against similar issues. With regulators tightening their oversight, it’s time for banks to treat AML compliance as a priority—not just a regulatory checkbox. #TDSettlement #AMLCompliance #BankingRegulations #FinancialCrime #ComplianceMatters #AntiMoneyLaundering #FinancialRisk #AMLStrategy #GlobalBanking #CorporateAccountability #FinCrimePrevention #BankingLeadership #RiskManagement #LessonsInFinance Jitender Arora, CFIRM Ravi Raman CAIA, CFIRM, FIII Ravi S Ramakrishnan Ravi Ranjit, FRMArshi Siddiqui David Nayagam Naresh Kumar Axis Trustee Services Limited Flomic Group Syed Ali Jafri, ACSI, ICA RISK HAWK Anindita Roy

TD Bank pled guilty and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and failure to comply with anti-money laundering rules. Separately, the Financial Crimes Enforcement network penalized the New Jersey-based subsidiary of the Canadian banking giant $1.3 billion over the violations. A statement from FinCEN called the $1.3 billion settlement “the largest penalty against a depository institution in U.S. Treasury and FinCEN history.” From January 2014 to October 2023, TD Bank had “long-term, pervasive, and systemic deficiencies in its U.S. AML policies, procedures, and controls,” according to the Department of Justice’s statement, “but failed to take appropriate remedial action.” Although TD Bank maintained elements of an AML program that appeared adequate on paper, regulators say fundamental and widespread flaws in its AML program made TD Bank an “easy target” for perpetrators of financial crime. #aml #penalties #bsa #riskmanagement #chiefriskofficer #tdbank #financialcrimes #rmax #fincen Jitender Arora, CFIRM Ravi Raman CAIA, CFIRM, FIII Dr.Aneish Kumar Priyadarshi Dutta Amit R. Vinay Disley Bhavani Jois Shweta Bakshi, Arshi Siddiqui Anindita Roy David Nayagam Baratwaj Narasimhan Shiva Subramony Sachin Radhakrishna Lalmani Belbase, CIA, CISA, CISM, CRISC, CRMA, CFSA Syed Ali Jafri, ACSI, ICA Priyanka Rana Varun Narang RISK HAWK Naresh Kumar Kapil Madan

Happy Diwali to everyone celebrating around the world! 🪔✨ Diwali, the Festival of Lights, symbolizes the triumph of light over darkness, knowledge over ignorance, and good over evil. It’s a time when families come together, homes are illuminated with diyas (lamps), and the air is filled with the fragrance of sweets and joy. This festival is a reminder that even in challenging times, light will always find a way to shine through. It’s about cherishing our roots, sharing joy with those around us, and embracing new beginnings with open hearts. May this Diwali bring you and your loved ones happiness, prosperity, and endless light. Let’s light up not just our homes but also our hearts with hope, love, and positivity. Wishing you all a sparkling Diwali! 🌟 #HappyDiwali #FestivalOfLights #Diwali2024 #Celebration #Gratitude Jitender Arora, CFIRM Priyadarshi Dutta Ravi Raman CAIA, CFIRM, FIII Dr.Aneish Kumar Amit R. Vinay Disley Shweta Bakshi Anindita Roy Arshi Siddiqui Bhavani Jois David Nayagam Baratwaj Narasimhan Shiva Subramony Sachin Radhakrishna Lalmani Belbase, CIA, CISA, CISM, CRISC, CRMA, CFSA Syed Ali Jafri, ACSI, ICA Varun Narang Priyanka Rana RISK HAWK Kapil Madan Naresh Kumar Indrajeet Banerjee (IB) The Specialists

🚨 Update on India's Digital Personal Data Protection (DPDP) Act 🚨 The journey toward data privacy and security is gaining momentum in India with the Digital Personal Data Protection (DPDP) Act set to come into effect soon. The eagerly awaited rules and regulations will soon be notified, marking a significant step in establishing a clear framework for data protection in India. This new regulation is pivotal for businesses as it emphasizes accountability in data handling and processing. Organizations will need to ensure compliance with stringent standards to protect personal data while enhancing transparency and trust with their users. For SMEs and large enterprises alike, now is the time to review current data practices, implement robust data protection mechanisms, and foster a culture of data security. At #BeyondRisX, we’re here to help businesses navigate this transition, ensuring alignment with the DPDP Act and prioritizing data integrity. #DataPrivacy #DPDPAct #DigitalTransformation #BeyondRisX #riskhawk #riskmansgement #chiefriskofficer #dpo Jitender Arora, CFIRM Priyadarshi Dutta Ravi Raman CAIA, CFIRM, FIII Priyadarshi Dutta Amit R. Vinay Disley Bhavani Jois Shweta Bakshi David Nayagam Syed Ali Jafri, ACSI, ICA Priyanka Rana Varun Narang RISK HAWK Naresh Kumar Kapil Madan

🌎 Emissions Gap 2024: Are We Falling Short on Climate Promises ? 🌎 The latest UNEP Emissions Gap Report paints a stark picture of our climate trajectory. Despite ambitious targets set under the Paris Agreement, the world made no significant progress towards limiting global warming to 1.5°C above pre-industrial levels in 2023. In fact, global greenhouse gas emissions increased by 1.3% in 2023, further widening the emissions gap. The challenge? Implementing Nationally Determined Contributions (NDCs) has stagnated. Even with full commitment, current policies would reduce emissions by only 4% to 10% by 2030 from 2019 levels, far from the required 28% for the 2°C pathway or 42% for 1.5°C. This path puts us at risk of a 2.6°C temperature rise by the century's end—unless we urgently accelerate action. It’s time for bold leadership and swift action to redefine our climate future. #climaterisk #riskmanagement #unep #chiefriskofficer #esg Jitender Arora, CFIRM Priyadarshi Dutta Ravi Raman CAIA, CFIRM, FIII Dr.Aneish Kumar Amit R. Vinay Disley Shweta Bakshi Arshi Siddiqui Anindita Roy Bhavani Jois Syed Ali Jafri, ACSI, ICA Priyanka Rana David Nayagam RISK HAWK Naresh Kumar Varun Narang

When an organization is penalized by consumer regulator for introducing too many consumer friendly features in their product. !!! The Consumer Financial Protection Bureau, a federal agency, has ordered the Apple and Goldman Sachs to pay a combined $89 million in penalties and redress to those affected. The CFPB has also banned Goldman Sachs from launching a new credit card unless it provides “a credible plan” that the product will comply with the law. The CFPB says the companies harmed consumers by failing to process disputed transactions, meaning cardholders were unfairly held responsible for the charges. Goldman often failed to investigate the disputes Apple did send, damaging cardholders’ credit reports, the agency says. The companies also marketed interest-free financing if people used the card to buy Apple devices, but many cardholders who had expected to be automatically enrolled were instead charged interest. #creditcards #goldman #apple #cfpb #regulatory #penalties #riskmanagement #compliance Jitender Arora, CFIRM Ravi Raman CAIA, CFIRM, FIII Dr.Aneish Kumar Priyadarshi Dutta Amit R. Vinay Disley Bhavani Jois, Shweta Bakshi Arshi Siddiqui Anindita Roy David Nayagam Baratwaj Narasimhan Shiva Subramony Sachin Radhakrishna Lalmani Belbase, CIA, CISA, CISM, CRISC, CRMA, CFSA Syed Jafri, ACSI, ICA Priyanka Rana Varun Narang RISK HAWK Naresh Kumar Kapil Madan

Thanks everyone for such an engaging and thought-provoking discussion during our recent fireside chat with Nagabushan Rao - CMIRM, Lalmani Belbase, CIA, CISA, CISM, CRISC, CRMA, CFSA and moderated by Arshi Siddiqui. Here are 5 key takeaways from that session 1.  Outsourcing is a Reality and Increases the Risk Profile of Organizations In today’s globalized business landscape, outsourcing has become a strategic necessity for many organizations. However, while it brings efficiency and expertise, it also amplifies the organization’s risk profile. Effective third-party risk management is essential to mitigate vulnerabilities that arise from these extended partnerships. 2.  Regulatory Scrutiny is Increasing Worldwide, Including in India As regulators intensify their oversight, both third-party and affiliate relationships are now under scrutiny. The regulatory focus on ensuring secure, compliant vendor ecosystems means organizations must maintain rigorous controls and align closely with evolving standards, regardless of the nature of the partnership. 3.  A Flexible Approach is Key to a Successful Third-Party Risk Management Program Third-party risk management (TPRM) programs need to be adaptable to handle the dynamic nature of vendor relationships and the varying risk profiles they present. A flexible approach allows for scaling the TPRM framework as vendor networks grow, ensuring continued risk mitigation without stifling operational agility. 4.  Vendors Need to Be Treated as Partners to Build Resilient Organizations To achieve a strong control environment, organizations must work collaboratively with vendors, viewing them as partners rather than mere service providers. This approach strengthens risk controls, uplifts operational resilience, and fosters trust, ensuring all parties are aligned in maintaining high standards of security and compliance. 5.  Technology Can Play a Critical Role in Managing Third-Party Risks Leveraging advanced technology, such as AI and data analytics, enables organizations to efficiently monitor third-party risks. These tools allow for real-time risk assessment, automated reporting, and faster issue detection, enhancing the ability to manage risks proactively across complex vendor ecosystems. Closing Call to Action: As outsourcing remains integral for efficiency and scalability, building a practical, technology-enabled TPRM program is essential. Such a program not only helps manage third-party risks but also lays a foundation for organizational resilience in an interconnected business world. #TPRM #riskmanagement #learning #firesidechat #CRO #L&D #training Jitender Arora, CFIRM, Ravi Raman CAIA, CFIRM, FIII, Dr.Aneish Kumar, Vinay Disley Amit R., Priyadarshi Dutta, Shweta Bakshi, Anindita Roy, David Nayagam, Baratwaj Narasimhan, Sachin Radhakrishna, Shiva Subramony, Varun Narang, Priyanka Rana, Syed Jafri, ACSI, ICA, RISK HAWK, Kapil Madan, Naresh Kumar, The Specialists, Indrajeet Banerjee (IB)

Just a gentle reminder!!! Few hours left for this exciting fireside session on “building an effective third party risk management program “ with Nagabushan Rao - CMIRM and Lalmani Belbase, CIA, CISA, CISM, CRISC, CRMA, CFSA moderated by Arshi Siddiqui. Jitender Arora, CFIRM Priyadarshi Dutta Ravi Raman CAIA, CFIRM, FIII Dr.Aneish Kumar Amit R. Vinay Disley David Nayagam Baratwaj Narasimhan Anindita Roy Bhavani Jois Shweta Bakshi Syed Jafri, ACSI, ICA Priyanka Rana Varun Narang Shiva Subramony Sachin Radhakrishna RISK HAWK Naresh Kumar Kapil Madan The Specialists