GRC Report Staff

Regulatory compliance and cyber risk are driving third-party risk management strategies. Supply chain leaders, meanwhile, rank cybersecurity as their top perceived risk and managing risk and geopolitical uncertainty as their leading transformation objective. Companies are preparing to expand their partner networks and automate more of the work that holds those networks together. Their risk functions are not always keeping pace.

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) on Tuesday published two consultative documents aimed at financial market infrastructures, or FMIs, pairing a practical cyber resilience toolkit with a discussion paper examining the risks created by FMIs’ growing reliance on third-party service providers.

Australia’s financial intelligence regulator has removed 45 remittance and virtual asset businesses from its registers over the past year, an unusually broad sweep through parts of the financial system where money can move quickly, cross borders easily and, when controls fail, become difficult to follow.

Global payment processor Nuvei has agreed to pay $4.85 million to settle Federal Trade Commission allegations that it provided payment services to merchants it knew or should have known were engaged in deceptive activity, including tech-support scams targeting U.S. consumers.

The UK’s Financial Reporting Council set out a revised approach to regulation Thursday that places greater emphasis on economic growth, proportionate oversight and earlier engagement with firms, as the regulator looks to make its supervision more responsive without loosening standards across audit, corporate reporting and governance.

Poland’s competition and consumer protection authority is examining whether some of the world’s largest consumer-goods manufacturers are doing enough to tell shoppers when that happens. The President of UOKiK has opened preliminary investigations involving Danone, Mondelez, Nestlé and Unilever, focusing on products whose weight, volume or quantity has been reduced while the packaging around them may give little indication that anything is different.

South Korea’s Personal Information Protection Commission has imposed an approximately $9.47 million (KRW 12.836 billion) administrative monetary penalty on GS Retail, finding that the company failed to put adequate protections in place against cyberattacks and, after discovering the first breach, failed to respond adequately enough to prevent what followed.