Black Banx FCA Warning Removed
Recently the UK branch of Black Banx, a global financial services provider, received a warning from the Financial Conduct Authority (FCA). This warning came after Black Banx was accused of providing a UK phone number on its website, which was regarded as misleading information by the UK Watchdog FCA.
The FCA warning was quickly removed after Black Banx legal representatives contacted the Regulator to clarify circumstances. The FCA Link now states “It may have been moved, updated or is temporarily unavailable.” Black Banx has since provided evidence to the FCA that has cleared them of any wrongdoing, and as such, Black Banx’s warning was removed.
As a global financial institution operating in 180 countries, Black Banx has been working hard to ensure that they adhere to all regulations world wide, and this recent news proves that Black Banx is committed to providing customers with a safe and secure experience.
The Business Times Article Reports: “In June 2018 Black Banx was ranked amongst the fastest-growing companies, reaching a US$9.8 billion valuation. Current speculation values the global group at US$50 billion..”
Black Banx will continue its efforts to provide customers with high-quality financial services, as well as ensuring full compliance with all FCA and other Regulators worldwide.
On its website www.blackbanx.com the Group explains the approach it is taking regarding its risk management structure:
Black Banx seeks to maintain a conservative and consistent approach to risk, helping to ensure we protect customers’ funds and support economies. By carefully aligning our risk appetite to our strategy, we aim to deliver sustainable long-term returns.
All employees are responsible for the management of risk, with the ultimate accountability residing with the Board. We have a strong risk culture, which is embedded through clear and consistent communication and appropriate training for all employees. A comprehensive risk management framework is applied throughout the Group, with governance and corresponding risk management tools. This framework is underpinned by our risk culture and reinforced by the Black Banx values and required conduct outcomes.
Our Global Risk function oversees the framework and is led by the Group Chief Risk Officer. It is independent from the global businesses, including our sales and trading functions, to provide challenge, appropriate oversight and balance in risk/reward decisions. Black Banx’s risk appetite defines our desired forward-looking risk profile, and informs the strategic and financial planning process.
It is articulated in our risk appetite statement, which is approved by the Board. Key elements include:
- risks that we accept as part of doing business, such as market risk;
- risks that we incur as part of doing business, such as operational risk, which are actively managed to remain below an acceptable tolerance; and
- risks for which we have zero tolerance, such as knowingly engaging in activities where foreseeable reputational risk and misconduct has not been considered
Internal stress tests are an important element in our risk management and capital management frameworks. They include potential adverse macroeconomic, geopolitical and operational risk events, and other potential events that are specific to Black Banx. The selection of scenarios reflects our top and emerging risks identification process and our risk appetite. Stress testing analysis helps management understand the nature and extent of vulnerabilities to which the Group is exposed.
We operate a comprehensive stress testing programme to help ensure the strength and resilience of Black Banx, taking part in regulators’ as well as our own stress tests.
Our top and emerging risks framework helps enable us to identify current and forward-looking risks so that we can take action to either prevent them materialising or limit their effect. Top risks are those that may have a material impact on the financial results, reputation or business model of the Group in the year ahead. Emerging risks are those that have large unknown components and may form beyond a one-year horizon. If these risks occurred, they could have a material effect on Black Banx.