More than 50% of Fines Issued by the FSA are as a Result of Weak Risk Management Systems

Research from the Chartered Institute of Internal Auditors has revealed that more than half of the fines handed out by the Financial Services Authority (FSA) in 2011 were as a result of weak internal risk management systems. 

Fines can be issued by the FSA when organisations breach any of the eleven principles (operational and ethical). The recent research announced by the Chartered Institute of Internal Auditors, shows that 60% of the FSA’s fines in 2011 were as a result of weak risk management systems – in 2010, 55% of fines were levied as a result of this.

Dr Ian Peters, Chief Executive of the Chartered Institute of Internal Auditors says:

Read More

Webinar Download: 'How to deliver an effective, robust risk framework while responding to regulatory action'

Following Part Two of our How To Webinar Series, please download/stream the recorded webinar, free of charge, by visiting: http://www.screencast.com/t/4nxvomaas72B

To register for Part Three ‘How to Lower your Operational Losses via improved Risk Management’ and/or Part Four ‘How To Leverage SharePoint for Risk Management’ visit: http://www.stratexsystems.com/how-to-series/

By registering, you will automatically receive a downloadable/stream-friendly version of the webinar, as well as access to the live session.