GRC Report Staff

What was once dubbed the “tragedy of the horizon” has now become a clear and present danger. That’s the message from two recent ECB blog posts detailing the urgent economic and financial risks posed by climate change—not just in the long term, but over the next five years. Together, the entries highlight both the growing sophistication of climate risk modeling and the ECB’s sharpened supervisory expectations for banks across the euro area.

The UK’s Financial Conduct Authority (FCA) has fined Barclays Bank UK and Barclays Bank a combined £42 million for separate and serious failures in their financial crime risk management, marking the latest in a series of enforcement actions against the bank over weak anti-money laundering (AML) controls.

Delta Air Lines is facing a multimillion-dollar bill after allegedly crossing the line on pandemic relief rules and keeping quiet about it for years. The Atlanta-based airline has agreed to pay $8.1 million to settle claims that it violated the False Claims Act by awarding excessive compensation to top employees in breach of its agreement under the federal Payroll Support Program (PSP).

A Washington-based defense contractor accused of inflating prices on shelters sold to the U.S. military has agreed to pay $3.3 million to settle allegations that it rigged bids and manipulated a federal procurement process.

With the Digital Operational Resilience Act (DORA) shifting from concept to implementation, Europe’s financial watchdogs have laid out how they plan to keep a close eye on the tech providers underpinning the financial system. The European Supervisory Authorities recently published a guide on how they will oversee critical ICT third-party service providers (CTPPs) under DORA. While the guide doesn’t carry legal force, it offers much-needed clarity for financial entities, regulators, and ICT providers bracing for a new era of operational scrutiny.

Unveiling The Monetary Authority of Singapore's (MAS) Annual Report for Financial Year 2024/2025, Managing Director Chia Der Jiun struck a confident tone in the strength of Singapore’s financial system, but clear-eyed about the geopolitical, technological, and economic risks that could reshape the landscape in the years ahead.

Luxury fashion house Louis Vuitton is facing a cross-border cybersecurity incident after confirming a data breach that has affected customers in at least three countries and possibly more.