Evolution of Fraud Risks and Cyber Risks in the Private Banking Industry

Summary

Prevention and detection of internal and external frauds is of utmost importance and critical for sustainable activities. Scandals related to frauds may tarnish the bank’s reputation and cause loss of trust about the related financial intermediary by clients, banking counterparties, investors and regulators. As Financial Institutions have increasingly moved to online banking, cyber risks have become an additional major concern within the financial community and clients. The cyber risks and related frauds refer to the vulnerabilities and the threats posed by fraudsters and cybercriminals attempting to steal assets, sensitive financial data, disrupt banking services, or exploit systems for illegal gains.

According to FINMA Risk Monitor 2024:  Besides historical reasons as to why the Swiss financial sector (i.e. wealth and asset management including corporate banking) is prone to internal and external frauds, the Swiss financial sector is a regular target for cyberattacks. IT infrastructure weaknesses, ineffective security measures, and the lack of awareness increase the financial institutions’ vulnerability.

This event will explore the most important key elements of Fraud Risk Management in the Banking industry as well as management of Cyber risks within Private Banking, through the eyes and views of experts in this field. This event is designed for Risk, Compliance, Auditors and IT Security professionals in the financial sector who are keen to deepen their understanding of fraud dynamics in the banking industry and the measures taken to fight against Cyber Risks. The speakers include experts from Forvis Mazars and Private Banks, who will share their knowledge and real-world examples, offering a better understanding of today’s Fraud Risk Management, including Cyber Risk Management as well as the possible mitigation framework.

What you will learn:

• How have the frauds risks evolved in the banking sector the past years?
• The importance of implementing an overall Fraud Risk Management Framework including an efficient Internal Control System as a response to mitigate risks.
• The evolvement of Cyber risks in the banking industry.
• The Key Cyber Risks in Banking and related Risk Management framework.
• Control System and Mitigation measures to reduce Cyber risks.
• Sharing fraud detection and investigation experiences and techniques.

Presenters

• Olivier Maes, Executive Director, Head Regulatory Compliance and Financial Crime at Forvis Mazars, Switzerland
  Over 25 years of international experience in the financial industry. Currently an Executive Director at Forvis Mazars in Switzerland, Olivier has a proven track record in risk compliance and audit management. Previously, he held global leadership roles at UBS, ABN AMRO, where he honed his expertise in financial crime audit, legal compliance, and change management. His analytical skills and strategic vision have consistently driven success in dynamic environments, making him a distinguished leader in the industry for financial crime engagements. He holds regularly conferences on these topics and he regularly tasked by regulators to do investigative work.
• Stefan Rauch, Head of Compliance at VP Bank, Switzerland
  Executive Risk & Compliance professional with more than 25 years experience in a multinational environment in the Financial Services industry across Business Risk, Operational Risk, Compliance and Audit functions. Stefan holds a masters degree in business administration and is a US Certified Public Accountant. He held leadership roles at KPMG, Clariden Bank, Clariden Leu and Credit Suisse AG prior to joining VP Bank (Schweiz) AG. He was the Global Head of Fraud at CS Group until the integration into UBS.
• Laurent Fabre, Group Chief Information Security Officer at Pictet Group
  Laurent Fabre is Managing Director at Pictet Group with more than 25 years of experience in the financial industry. Computer science engineer, he spent 10 years with EY as a technology consultant. He joined Pictet in 2008, first as head of internal IT audit and then as Group Chief Information Security Officer (CISO). He is managing today all risks relating to information security, cyber, fraud and, more broadly, technology.

Introduction by Jean-Pierre Colombara, Presidium of Swiss Risk Association and moderated by Olivier Maes.

Agenda

17:30 Doors open – Name Tag Collection
18:00 Welcome and Introduction (Jean-Pierre Colombara and Olivier Maes)
18:05 Presentation (Olivier Maes)
18:30 Presentation (Stefan Rauch)
19:00 Presentation (Laurent Fabre)
19:30 Q&A (All)
19:50 Networking Drinks (All)
20:30 End

Chapter Event

This Chapter Event is available to members and free. We will be presenting one or more speakers to share their knowledge, updates and best practices on a specific risk topic. Within the small groups of risk professionals you can exchange thoughts and test ideas. This event is hosted by chapter Romandie.