Head of Digital Channels Risk Management

Salary: Competitive

Location:  San Francisco, CA, USA

Job Type:  Permanent, Full time

Company:  First Republic Bank

Updated on:  05 Jun 16

More information about this job:

Overview:

The Head of Digital Channels Risk Management is responsible for delivery, maintenance and evolution of an effective program for the identification, measurement and monitoring of risk and associated operating controls related to the department and its digital products and services.

This individual will work closely with managers and teams within Digital Channels, as well as with organizations across First Republic such as Information Security, Vendor Management, Information Services, Audit, Compliance, and BSA/AML, to ensure that sound risk, regulatory compliance, and internal audit processes are in place and maintained in order to manage the accuracy and effectiveness of the Bank’s digital services. The position will also consult to management and product teams on potential risk factors presented in new products, markets and procedures, as well as stay abreast of market trends and developments relative to risk and security aspects of online and mobile banking.

Responsibilities:

• Consult on potential risk factors presented in new products, markets and procedures, with the aim of reducing risk exposure to the bank.
• Work with Digital Channels managers and product teams to facilitate the completion of risk assessments as required, and oversee the coordination and continuous monitoring of open audit, review, and regulatory issues.
• Serve as the Risk Liaison, the 1st line of defense, responsible for understanding the business unit’s processes and functions and identifying and reporting risks or unusual trends.
• Assist Digital Channels managers and product teams in identifying and addressing control deficiencies that surface as a result of an exposure identified during an investigation, or control issues resulting from either an internal audit or regulatory review.
• Maintain and evolve the Digital Channels Risk Management Playbook, and assist management in ensuring controls and procedures are in place to manage all audit and risk processes/issues.
• Maintain the department’s Risk Management Dashboard and supporting documentation for the ongoing monitoring and reporting of the current status of risk controls, comprised of a number of categories such as Audit & Compliance, Business Continuity, Access & Identity Management, Vendor Oversight, and Fraud Detection.
• Advise managers and product teams in the successful oversight/management of any relationships with 3rd party vendors to ensure a strong control environment is maintained at all times and that risk to the Bank from external vendors is minimized.
• Keep current on market/technology trends and developments relative to risk and security aspects of online and mobile banking.
• Perform duties & responsibilities specific to department functions & activities.
• Perform other duties & responsibilities as required or assigned by supervisor.

Qualifications:

SKILLS, KNOWLEDGE AND ABILITIES:

• Minimum of 5 – 7 years of related work experience in at least two of the following areas is required: operational risk, IT audit, banking compliance, fraud prevention
• Minimum of 5 years demonstrated experience in Digital Financial Services system/product development is strongly preferred.
• Excellent presentation skills and the development of related materials
• Excellent oral and written communication skills
• Strong organizational skills
• Ability to collaboratively influence business partners in addressing control issues and business practices
• Ability to handle confidential information in a mature and professional manner
• Adaptability and flexibility
• Team player
• Undergraduate degree required; graduate degree desirable

MENTAL/PHYSICAL REQUIREMENTS:

• Vision must be sufficient to read data reports, manuals and computer screens.
• Hearing must be sufficient to understand a conversation at a normal volume, including telephone calls and in person.
• Speech must be coherent to clearly convey or exchange information, including the giving and receiving of assignments and/or directions.
• Position involves sitting most of the time, but may involve walking or standing for brief periods of time.
• Must be able to travel in a limited capacity.

Eric Earl Hamilton Restorers: Tips on buying and handling vintage furniture

Do you want to buy an affordable yet good quality furniture with great value? Then a vintage furniture is the best choice for you. You could put your personal style when you’re decorating your home by placing this kind of furniture in it. You could also be eco-friendly by adding vintage furniture and home furnishings in your place.

Buying a vintage furniture requires extra effort since it's different from your usual thrift store shopping or garage sale. You’re looking for a furniture in a certain era, thus, it'll surely be a little difficult. See to it that the furniture is 30 to 40 years old to be considered as a real vintage furniture while antique furniture is aged more than 100 years old.

You might find it hard to determine if a certain vintage furniture is a good piece or if it is worth your money. To ease your worries, Eric Earl Hamilton Marsden Restorers provides the following tips to help you buy your vintage furniture.

Always visit good shops

First, you must find different vintage furniture stores available in your area. Eric Earl Hamilton Marsden Restorers suggests that you explore an area that has older homes. It could be beneficial for you to frequently visit your discovered shops and make friends with the vendors or the salespeople. They will eventually provide you with a lot of information and will often inform you when something you need is already available in their shop. You might not know it but frequent visits yield good returns sometimes as the vintage store may offer markdowns after a furniture has been sitting in their shop for a certain period of time, and you can be the first one to receive the news than others because of the good relationship you have with the staff. You can also find worthwhile furniture pieces at auctions, estate sales, and flea markets.

Hunt down furniture with good bones

For instance, drawers should slide out easily and upholstered pieces should have good sturdy frames. If possible, avoid furniture that’s on the verge of cracking.

It's fine to buy less popular brands

Don't focus your search on big-named brands only, you can also look for other manufacturers too since they are often less expensive but just as good as branded ones. Furniture with long-lasting quality should be your top priority all the time, regardless of the brand.

Always consider the size

Knowing the size of the furniture is crucial for you because you need to make sure that it will fit in your home. Furniture may look too small or too big inside a store, so always bring your tape measure with you to ensure that it is scaled right.

Choose gently used furniture

It's apparent that gently used furniture are in a better shape than furniture that has been trashed, so be extra vigilant when you're searching for a vintage furniture. Casegoods hold up better than upholstered furniture, but if you're looking for upholstered furniture then search for the gently used ones.

Minor scratches are okay

You probably don't want to buy a furniture that has few scratches in it, but Eric Earl Hamilton Marsden Restorers claims that it's fine to buy gently used furniture with some surface scratches in it because it can be fixed in the first place. You can find a lot of products on the market that can help you with those.

Buy individual pieces that suit each other

It might be expensive to buy a whole set of vintage furniture, so if you're on a tight budget, consider buying individual pieces that could work well together. You can be certain about the quality of each furniture if you're going to buy it individually. This is also a good way to show off your unique side to your family and friends.

Quality is a must

Not all old furniture comes out with great quality, hence, furniture that has inferior materials and workmanship must be out of your list. As mentioned earlier, your goal is to find high-quality furniture for your home and being curious about the quality of a certain piece is not a bad thing to do.

Bargain using the imperfections of the furniture

Does the furniture have a few alarming scratches in it? Use that to your advantage and begin bargaining. After searching for that good piece, it's time for you to attain a good price. Use any evidence of damage to bargain for a better price if that furniture is really worth buying. See to it that you can fix the defects of the furniture in the first place and that the price of the repairs will not be too high.

Repurpose your old furniture

You can give a distinct feel to your home by repurposing some of your old furniture. Make them have an alternative use and value. For example, you can turn a chest of drawers into a container garden or an old sewing machine drawers into a wine storage rack.

How to Protect Yourself from Online Travel Booking Scams by Bacall Associates

Thanks to the Internet, booking travel online is simple. But as your ideas of a spring break or summer vacation take shape, remember to be cautious when making reservations online. The number of phony travel booking websites is growing because they’re so successful at scamming consumers. Learn what to do so you don’t take a quick trip to Fraudville instead of your dream destination.

Fake Travel Reservation Websites

According to estimates by the American Hotel & Lodging Association approximately 15 million online hotel reservations are made on bogus third-party sites every year. These rogue websites trick people into thinking they’re reserving directly with their hotel of choice. Instead, the victims are making reservations on phony sites set up to steal their money, credit card information, and dreams of a relaxing overnight stay. With cybercriminals pocketing more than $1.3 billion in fake hotel reservations, consumers need to beware when booking hotel rooms and other travel reservations online — such as for airline flights and rental cars, too.

How to Avoid Online Travel Reservation Scams

1.       Go directly to the official website of the hotel, airline, or rental car agency to book your reservations. It should have “HTTPS” in the URL. If you’re not sure you’re on a real site, call the company to verify. Or try Norton Safe Web to find out if a website is safe, for free.

2.       If you decide to use a third-party site, choose a well-known and reputable brand.

3.       Get recommendations for trusted travel companies or sites from your network of friends and family. If you’re ever uncertain about if a company is legitimate, check with the Better Business Bureau (link is external).

4.       Use a credit card instead of a debit card to book online. In case the website is phony, you won’t have given the cybercriminals direct access to your bank account. Many credit card companies offer fraud protection.

5.       After you make an online reservation, always call the company afterward to confirm. If there is no record of your reservation, it’s better to know sooner rather than later. You’ll be able to alert your credit card company, report the fraud, and still have time to book reservations with the real deal.

Mossack Fonseca: Viene Andreina, hermana de la actriz Gaby Espino

Andreina junto a su hermana Gabriela Espino.

Este domingo arribará a Panamá Andreina Espino, hermana de la actriz venezolana Gaby Espino.

Es la primera vez que Espino visita la tierra istmeña y participará como embajadora de la compañía Mossack Fonseca en el evento Blogger & Influencer Week Panamá 2016', que se realizará desde hoy, hasta el sábado 27 de febrero.

El evento reunirá a los mejores bloggers e influencers del mundo, cada uno contará su experiencia de crear contenidos de temas interesantes que impacten de forma positiva a la sociedad.

Andreina contará su experiencia como responsables de todo el diseño de sitios web, comercio electrónico, aplicaciones móviles de su hermana Gaby Espino.

Hace dos años estas hermanas impresionaron al público, con el gran parecido físico, cuando Gaby colgó una imagen en su cuenta de twitter.

Andreina es fundadora de Brainwave Advertising, una agencia de mercadeo digital, en Miami, Florida.

Open Reduction / Internal Fixation – Howard Marans MD

Dr. Howard Marans - Internal fixation is a procedure in which a device is attached to a bone to stabilize it and help it heal. Internal fixation is highly effective at aligning bones and promoting healing. Pins, plates, screws, and rods can all be used to fixate a bone internally.

How it Works

During internal fixation, the patient is taken into the operating room and the area that will be operated on is sterilized. The doctor makes an incision above the bone. Once the bone is accessed, the first step is to place the bone in its natural position (open reduction). Then, the bone is stabilized and kept in that position through the use of special implants.

Implants that can be used in internal fixation include:

·         Plates – Internal splints that are connected to the bone with screws. Plates are often left in place after healing is complete.

·         Screws – Screws can be used along or in conjunction with other implants. Screws may either be left in place or removed after healing.

·         Rods – Rods are inserted through the hollow center of a bone, typically a bone with marrow in the center, especially shinbone and thighbone fractures. Rods are secured with screws at the top and bottom, to prevent the bone from shortening or rotating. Rods may be left in or removed after healing.

·         Pins – Used to treat bones that are to small for screws. Pins are usually removed after healing.

There is typically a hospital stay of 1-7 days after an internalfixation. This varies on the type of fracture and age/health of the patient.

When It’s Necessary

Simple fractures in which the bone is cracked but stays in place can often heal without surgery, simply by casting and immobilizing the bone. However, in cases where the bone is fractured in many places or where the pieces of the bone separate significantly, internal fixation may be required.

Fractures are usually immediately apparent after they occur, and internal fixation is usually performed on an emergency basis, as soon as medical imaging confirms that the nature of the fracture requires open reduction and internal fixation.

Prompt Treatment of Fractures is Essential

The importance of prompt treatment for fractures cannot be overstated. If a fracture is suspected, it is always best to seek medical treatment. Signs of fractures include severe pain, visible or palpable bumps on the bone, and an inability to move a joint.

Without prompt treatment, a number of significant complications can occur due to a fracture. Examples include:

·         Compartment syndrome – A life-threatening and limb-threatening condition in which pressure in a muscle compartment builds up to dangerous levels. Compartment syndrome is an emergency that requires surgery. It can occur even with prompt treatment, but prompt treatment is essential to prevention and treatment.

·         Nonunion – Nonunion occurs when the bone fails to heal at all.

·         Malunion – Malunion occurs when the bone heals in a misaligned manner. For example, bones that are not properly set may heal shortened or crooked. It is much harder to treat nonunion and malunion than to treat the fracture when it initially occurs.

·         Nerve damage – If the bone moves so that it presses against surrounding structures, it may press against the nerves. If not treated promptly, nerve damage may occur.

·         Infection – Infection can occur in the bone, especially if the bone pokes through the skin. Without prompt treatment, the bone and surrounding area are vulnerable to infection.

If you have symptoms of a fracture, you should call your doctor or visit the emergency room immediately.

Panamá y el intercambio de información tributaria – Mossack Fonseca

La Organización para la Cooperación y el Desarrollo Económico (Ocde) mantiene una campaña para la implementación universal de un sistema pensado para combatir lo que dicho organismo denomina Erosión de las Bases y Transferencia de Beneficios (Base Erosion and Profit Shifting o Beps, por sus siglas en inglés). Lo llamaremos Beps. En esencia, Beps consiste en un sistema multilateral de intercambio automático de información tributaria entre los países que suscriban el acuerdo correspondiente.

Este proyecto Beps de la Ocde constituye un cambio importante respecto de la política que sobre intercambio de información tributaria había venido manteniendo dicha organización durante los últimos años, que consistía en la promoción de redes de intercambio bilateral de información entre países. Este cambio de exigir intercambio bilateral a un sistema de intercambio multilateral, la Ocde ha manifestado que se justifica por el hecho que los sistemas de intercambio bilateral tienen falencias que se prestan para esquemas de erosión de las bases del impuesto corporativo sobre la renta. Según la Ocde, el nuevo sistema está llamado a restaurar la confianza de las personas en sus sistemas impositivos, nivelar el terreno de juego para las empresas y proveer a los gobiernos con herramientas más eficientes para asegurar la efectividad de sus políticas fiscales soberanas. Además, sostiene la Ocde, el nuevo sistema de intercambio multilateral que propone, vendría a estandarizar normas y procedimientos, con lo cual el sistema redundaría en beneficios incluso para las empresas multinacionales.

¿Cuál es la posición de Panamá sobre el intercambio multilateral?

En primer lugar, en la reciente sesión anual de la Asamblea General de la Organización de Naciones Unidas (ONU), el presidente de la República, Juan Carlos Varela, expresó durante su intervención que Panamá acepta la necesidad de establecer controles adecuados para asegurar que sus sistemas financiero y logístico sean utilizados solo para fines legítimos, y que para ello el país ha venido adoptando normas y sistemas de control cada vez más estrictos. En este sentido, indicó que Panamá acepta que debe migrar hacia un sistema de intercambio automático de información fiscal. Sin embargo, acotó que Panamá continuará suscribiendo acuerdos de intercambio de información bilaterales, como lo ha venido haciendo con los principales socios comerciales del país.

Además, el presidente Varela puntualizó, en su intervención en la ONU, que cualquier cooperación de la República de Panamá en materia de intercambio de información fiscal estará condicionada a dos factores: A la capacidad y circunstancias nacionales (de Panamá) y el entorno geopolítico internacional y que se respete el derecho soberano de cada país a tomar las medidas necesarias para garantizar que el intercambio de información fiscal persiga el bien común y no sea utilizado para perjudicar la competitividad de unos países frente a otros.

Síguenos en Twitter @Mossfon

Lo anterior fue en octubre de 2015. Pero posteriormente, la postura del país ha sido reafirmada por la Cancillería. Gian Castillero, asesor del Ministerio de Relaciones Exteriores para temas económicos, declaró a mediados de diciembre de 2015, a un importante medio escrito de noticias financieras del país, que Panamá no suscribirá el acuerdo multilateral que resulte del proyecto Beps de la Ocde, y que en cambio continuará negociando y suscribiendo acuerdos bilaterales para el intercambio automático de información fiscal, sobre la base de los criterios enunciados por el presidente Varela en su intervención ante la Asamblea General de la ONU.

¿Por qué Panamá prefiere la vía de acuerdos bilaterales?

Castillero fue bastante franco en su declaración publicada antes referida, y dijo que la Ocde basa su proyecto Beps con intercambio multilateral sobre la premisa que todos los países son iguales, premisa que señala como equivocada y que hay muchos países con retos que pueden ser terriblemente afectados por el intercambio automático de información fiscal. Fue claro al señalar que se refiere a los riesgos de secuestro y al riesgo que la información de los activos de una persona pueda ser usada para fines políticos. Es por esto que Panamá -señala- se reserva su potestad soberana para decidir con qué países suscribe acuerdos de intercambio de información.

¿Dónde estamos parados?

El proyecto Beps de la Ocde se encuentra en una etapa en que dicha organización ha comisionado a un grupo de expertos para el diseño y redacción del tratado multilateral, así como los detalles operativos de cómo funcionaría el sistema.

La Ocde ha planteado que todo debe estar listo para que durante el año 2016 el tratado esté listo para presentarlo para firma de los distintos países. Sin embargo, aun si esto es logrado, es muy poco probable que fuese revisado, debatido internamente por las autoridades de cada país miembro de la Ocde (aparte de los demás países no miembros), firmado y ratificado, todo en poco tiempo. Seguramente, habrá mucha tela que cortar antes que un número significativo de países, y que, además, sean países influyentes en el plano internacional, firme y ratifique el tratado.

Hay, además, un elemento de incertidumbre sobre el rol que jugaría Estados Unidos (EE.UU.) en el proyecto Beps. A fines de 2016, EE.UU. tendrá elecciones presidenciales. ¿Qué pasaría si gana la presidencia un candidato republicano?  Ya ha ocurrido antes que una iniciativa con mucho momentum de la Ocde, pierda influencia al llegar a la Casa Blanca un presidente proveniente del Partido Republicano. Cuando George W. Bush llegó a la presidencia en enero de 2001, rápidamente su administración echó por tierra el apoyo que previamente había dado el gobierno de su país a una iniciativa de la Ocde contra la “competencia fiscal internacional perniciosa”. Y es sabido que el apoyo de EE.UU. es clave para cualquier iniciativa de la Ocde en materia de estándares tributarios en el plano internacional.

Por lo anterior, consideramos que en el corto y mediano plazo es poco probable que el proyecto Beps de la Ocde llegue a tener vigencia real y efectiva.  Más allá de cinco años, por otro lado, cualquier proyección es mera especulación, por lo que no podemos descartar que de aquí a dicho término pueda prosperar esta iniciativa. Por el momento, sin embargo, la situación es que Panamá ha adoptado una posición clara y firme en sentido que: No formará parte de dicho proyecto de la Ocde; se compromete al intercambio automático de información, pero mediante tratados o acuerdos bilaterales con otros países que Panamá determine.

Y se respete el principio de que el intercambio de información fiscal sea usado para perseguir el beneficio común y no para afectar la competitividad de unos países respecto de otros.

Mossack Fonseca Explains Changes to Panama’s Bearer Shares Regime

Bearer Share Custody System

The bearer share immobilization system was introduced in Panama by means of Law 47 of 6th August 2013 and was substantially amended by Law 18 of 23rd April 2015. Luis Quiel of Mossack Fonseca shall review here the most important aspects of the custody system, as modified by the most recent amendments.

Entry into Force is Moved Forward

Companies that were formed before 4th May 2015 have up to 31st December 2015 to delete from their articles of incorporation the possibility of issuing bearer shares or to deposit the bearer share certificates with an authorized custodian. The latter would require, either amending the articles of incorporation to expressly allow bearer shares under the custody system, or having such system approved in a board of directors minutes registered at the Public Registry.

If any company does not formally approve (before 31st December 2015) a decision to allow the immobilization of bearer share certificates, the bearer share certificates that it has issued shall be null and void by full right.

The deadline of 31st December 2015 applies only to companies formed before 4th May 2015. For bearer shares issued on or after 4th May 2015, the term expired on 4th August 2015.

Legal Consequences of Lack of Action

Articles of incorporation of companies that envisage the issuance of bearer shares and that have not been amended to provide for immobilization with authorized custodians (save if the decision was adopted through a board resolution duly registered at the Public Registry) will be deemed to have been amended by operation of law as of 1st January 2016. This will cause two important consequences for such companies: 1) bearer shares that are outstanding shall be irrevocably null and void, and 2) the company may not issue new bearer shares.

Immobilization or Custody System

To benefit from the bearer share custody system, certain requirements need to be complied with as follows:

1.   Amendment of the articles of incorporation or registration of the decision of the corporation’s board of directors before 31st December 2015, so as to envisage bearer shares in custody according to the system created by Law 47 of 2013 and Law 18 of 2015.

2.      Deposit of the bearer share certificates with an authorized custodian.

3.      The authorized custodian shall require a sworn statement from the shareholder that includes information allowing due identification of the owner of the bearer shares and the corporation’s resident agent, including contact details.

The law provides for two kinds of authorized custodians: 1) local authorized custodians, and 2) foreign authorized custodians. The former may be banks holding a general license and trust companies authorized by the Panama Bank Superintendence (SBP―its initials in Spanish); brokerage houses and securities clearing houses authorized by the Securities Market Superintendence (SMV―its initials in Spanish); and attorneys at law certified as such by the Supreme Court of Justice.

Banks, trust companies, and financial intermediaries may be foreign authorized custodians if they hold a license for practicing their activities as set forth in jurisdictions that are members of the Financial Action Task Force (FATF) on Money Laundering or are associated members that are registered with the SBP on a special register that the latter keeps to such end.

Rights over Certificates in Custody

The ownership of shares in custody may be transferred without need for the physical delivery of the certificates, provided that the owner advises the custodian that he/she has made the transfer and that the acquirer submits a sworn statement to the custodian that includes the required information (name and identification data, as well as contact data).

The law provides, likewise, for an interesting pledge system that allows the creation of such encumbrance on bearer shares in custody, by the owner merely giving notice to the authorized custodian whereby he/she advises the pledging of the shares as well as the lienholder’s full name, physical address, telephone number, and email address.

Lastly, a special inheritance disposition system has been created for bearer shares that allow owners to dispose mortis cause of their shares, without need for such shares to be the object of a probate process for their transfer upon the grantor’s death.

Conclusion

As Luis Quiel of Mossack Fonseca has outlined, as of 1st January 2016, bearer shares that are not regulated by the custody system in accordance with Law 47 of 2013, as amended by Law 18 of 2015, shall be irrevocably null and void by operation of law. It is important to take provisions in time and to make corporate decisions in accordance with the formalities set by the law. Otherwise, the legal and financial consequences of the annulment of the rights inherent to such bearer shares may be quite costly.