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Dec
17
Thu
Online Seminar: Governance and Oversight: Lessons from Wirecard @ Online
Dec 17 @ 1:00 pm – 2:00 pm

Register here

Effective internal and external oversight structures are essential to ensure good governance of financial institutions and a sustainable business model. Executive management is responsible for implementing these structures, and supervisory boards should assess whether they appear reasonably designed and effective. Under a comprehensive approach, the business areas serve as the first line of defense and determine risk appetite; control functions in risk management and compliance serve as a second line of defense to monitor, manage, and mitigate manifold types of risks, from cyber to fraud; and internal audit reviews as a third line of defence. Additional oversight may be provided by external auditors, and within regulated industry sectors including financial services, by governmental supervisory authorities. Ensuring appropriate governance, control and oversight structures becomes even more important within corporate groups operating on a cross-border basis.

The payment services provider Wirecard grew rapidly and in late 2018 reached a market capitalization of €24 billion, yet it had been the subject of speculation over accounting irregularities and allegations of money laundering. In June 2020, the FinTech company Wirecard was reported to have €1,9 billion cash missing, and within the first day of his joining the company, Mr Freis unveiled massive internal fraud. The fraud scandal has called into question the roles of stakeholders within the institution (executives and non-executives) and outside the institution (auditors as well as the role of German government authorities including BaFin with respect to a publicly traded technology services holding company with a licensed bank subsidiary). In its corporate governance, Wirecard did not have any audit or nomination committee in the period 2015-2019 and a comparatively undersized Supervisory Board checking on the executive management. This case generally sheds light on the needs for strengthening both structures and the individuals involved in supervision and audit of financial institutions in Europe.

In this context, this online debate will:

  • Reflect upon broader Wirecard lessons for Boards and Banks in having an efficient corporate governance framework with effective control functions
  • Discuss financial reporting and auditing deficiencies and inefficiencies, legal and procedural impediments in supervising and enforcing financial information
  • Consider alternatives for the overall supervisory system (from whistleblowing mechanisms to the supervisory architecture in Europe)


Speaker

James H. Freis, Jr. (Former CEO, Wirecard)
James H. Freis, Jr. has pursued a career dedicated to promoting the integrity of the global financial markets. From 2014 through 2020 he was Managing Director, Chief Compliance Officer, and Group Anti-Money Laundering Officer for the Deutsche Börse Group in Frankfurt, Germany, responsible for overseeing regulatory requirements and engaging with financial supervisors for Group entities on a global basis for this provider of financial market infrastructures. From 2007 to 2012, Mr. Freis was Director (CEO) of the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the lead U.S. Government official for anti-money laundering and counter-terrorist financing requirements, and head of the country’s financial intelligence unit (FIU). His career as an attorney began at the Federal Reserve Bank of New York, followed by seven years in Basel, Switzerland at the Bank for International Settlements (BIS). Mr Freis is a graduate of Georgetown University, earned his Juris Doctor from Harvard University, and is a Chartered Financial Analyst (CFA) charterholder. Most recently, he was asked to join Wirecard in June 2020 to professionalize the company and oversee its global regulated businesses in a newly created management board role responsible for “Integrity, Legal & Compliance”. Within his first day, he exposed internal fraud, was promoted to CEO, and then initiated a global restructuring.

This second online seminar takes place in the framework of the Challenges for Bank Board Members series, which aims at building a community of professionals from the banking and finance industry interested in deepening their knowledge about bank boards’ functioning and learning how to challenge bank management effectively. Seminar speakers will include an international faculty of regulators, supervisors, and academics together with bank and finance professionals. The Challenges for Bank Board Members series is part of the new FBF Bank Board Academy for Non-Executive Directors.

Jan
11
Mon
Securitisation: Regulation and Practice online Academy @ Online
Jan 11 – Feb 7 all-day

Course dates: 11 January – 07 February 2021

Estimated time required from participants: 20 hours

Course Director: Bart Joosen (VU University Amsterdam and Recofise)

Course Instructors: Anna Bak (Association for Financial Markets in Europe – AFME); Patrizia Canziani (Financial Advisor); Jean-Jacques Van Helten (European University Institute, Florence School of Banking and Finance); More senior experts from European institutions and agencies as well as practitioners in the private sector to be announced

The FBF team: Christy Petit (Course advisor); Pierre Schlosser (Course advisor); Jan Trevisan (Course designer);

Area: Regulation, Supervision and Resolution

Level: Introductory/Intermediate

Target: Financial Regulators and Supervisors; Members from Central Banks and Institutions (EU, intergovernmental, national goverments); Academic researchers; Personnel in private banks and law firms.

Information and Registration

Feb
15
Mon
Fintech: Innovation, Finance and Regulation @ Online
Feb 15 – Mar 5 all-day
Qualitative

2nd Edition – Save the Date! More info will be available soon.

Course dates: 15 February – 05 March 2021

Course Director: Philipp Paech (London School of Economics)

Area: Regulation, Supervision and Resolution

Level: Introductory/Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Economists and Risk Managers in financial institutions and private banks, Lawyers and Accountants, Ph.D. Students, Post-Graduate Researchers, Assistant Professors.

Mar
4
Thu
Network Analysis in Finance and Economics @ Online
Mar 4 – Mar 19 all-day
Quantitative

Save the Date! More info will be available soon.

Course dates: 04 – 19 March 2021

Course Director: Christian Brownlees (Universitat Pompeu Fabra), Iman van Lelyveld (Universiteit Amsterdam and DNB)

Area: Statistical and Econometric Methods

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.

Apr
7
Wed
Bank Resolution Academy @ Online
Apr 7 – Apr 29 all-day
Qualitative

Save the Date! More info will be available soon.

Course dates: 7 – 29 April 2021

Course Directors: Seraina Grünewald (Radboud University Nijmegen); Katerina Theodossiou (Bank of Greece); Emiliano Tornese (European Commission); Tobias Tröger (Goethe University, Frankfurt)

Area: Regulation, Supervision and Resolution

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, financial institutions in the private sector, law firms.

May
25
Tue
Digital Currencies Academy @ Format TBC
May 25 – May 28 all-day
Quantitative

Course dates: 25-28 May 2021

Venue: Format TBC

Course Instructors: Thorsten Koeppl (Queen’s University – Course director); Katrin Assenmacher (ECB); Christian Catalini (Libra, Facebook); James Chapman (Bank of Canada); Anne Choné (ESMA); Daniel Heller (Fnality International); Jean Pierre Landau (Harvard Kennedy School and SciencesPo); Klaus Löber (ECB); Cyril Monnet (University of Bern); Elisabeth Noble (European Banking Authority); Senior Policy Makers, Academics and Private Sector.

Area: Risk Management

Level: Introductory/Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Senior Policy Officers of Prudential Supervisors/National Central Banks, Treasurers with Banks, Funding Strategists.

More information and registrations
May
30
Sun
Liquidity, Crisis and Public Policies: A Model-Based Approach @ EUI Premises, Florence
May 30 – Jun 1 all-day

Course dates: TBC 2021

Venue: Format TBC

Course Instructors: Nobuhiro Kiyotaki (Princeton University)

Area: Financial Stability and Macroprudential policy

Level: Advanced

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, private sector economists

More information and registrations
Jun
4
Fri
Sitting on Boards: Better Check and Control of Risks @ Online
Jun 4 – Jul 2 all-day

Course dates: 04 June – 02 July 2021

Training Programme

Sitting on Boards: Better Check and Control of Risks

Online training, fees apply

Information and Registration

Jun
14
Mon
MIFID II/MIFIR: Evolution and Revolution
Jun 14 – Jul 2 all-day
Qualitative

Save the Date! More info will be available soon.

Course dates: 14 June – 02 July 2021

Course Director: Danny Busch (University of Nijmegen); Veerle Colaert (KU Leuven University); Matteo Gargantini (University of Utrecht)

Area: Regulation, Supervision and Resolution

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESMA, ESM), National Supervisory Authorities, economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.

Oct
1
Fri
Sitting on Boards: Better Quality and Better Governance @ EUI Premises, Florence
Oct 1 – Oct 3 all-day

Course dates: 01 – 03 October 2021

Training Programme

Sitting on Boards: Better Quality and Better Governance

Residential* training, fees apply

*Format subject to changes, depending on the circumstances.

Information and Registration