Date: 3 December 2026

Timing: 4pm – 6pm

Language: English

CPE points: 2

Deadline to register: 30 November 2026

Trainer name: Isabella Arndorfer

Overview

2 Ethics CPEs – Financial Services Focus!

Conduct risk has become a major regulatory and governance focus in financial services following high-profile misconduct cases such as FX benchmark manipulation and LIBOR rigging. This course provides a practical understanding of conduct risk, its behavioural drivers, and its financial, regulatory and reputational consequences. Participants will examine how misconduct arises, the role of governance and internal controls, and how institutions can strengthen frameworks to prevent and mitigate conduct failures.

The course incorporates the IIA Global Internal Audit Standards, particularly principles relating to ethics, integrity, professional behaviour and independence, together with guidance from the Basel Committee on Banking Supervision and the Financial Stability Board. Through two case studies — FX benchmark manipulation and LIBOR rigging — participants will learn how to identify, assess and audit conduct risk, evaluate ethical culture and governance, and assess the effectiveness of controls designed to promote responsible behaviour and market integrity.

Who should attend? 

• Internal auditors – particularly those auditing conduct risk, governance, culture or controls 

• Risk managers / Operational Risk professionals – responsible for conduct and non-financial risk 

• Compliance officers – especially conduct, market conduct and regulatory compliance 

• Ethics & Conduct / Conduct Risk specialists Governance professionals – including those involved in risk governance and accountability frameworks 

• Internal control / control functions – assessing the effectiveness of controls and monitoring 

• Banking and financial-services managers with responsibility for risk, compliance, controls or business conduct 

Course description 

1. Foundations of Conduct Risk  

• Definition, regulatory expectations, and relationship to operational risk  

• Role of Internal Audit in conduct risk, including assurance, advisory and evaluation of governance, risk management and controls  

• IIA Global Internal Audit Standards – ethics and professional behaviour, including integrity, objectivity, competence, confidentiality and independence  

• Key drivers of misconduct, including behavioural and cultural factors  

• Historical misconduct events and lessons learned in financial services  

2. Financial and Regulatory Impact of Misconduct  

• Financial consequences, including fines, provisions and capital implications  

• Integration of conduct risk into risk management and stress testing  

• Regulatory oversight, supervision trends and enforcement actions  

3. LIBOR Benchmark Manipulation and FX Market Conduct Failures  

• LIBOR rigging and FX benchmark manipulation: cases, misconduct patterns and consequences  

• Root causes, control weaknesses and governance failures  

• Industry reforms and measures to strengthen market integrity  

4. Conduct Risk Management and Prevention  

• Conduct risk governance frameworks and accountability structures  

• Monitoring tools, surveillance techniques and whistleblowing mechanisms  

• Strengthening internal controls, ethical culture and risk awareness  

By the end of this course, participants will be able to:  

• Define conduct risk and explain its relationship to operational risk  

• Identify behavioural and organizational drivers of misconduct  

• Evaluate financial, regulatory, and reputational consequences of conduct failures  

• Analyse benchmark manipulation cases and regulatory reforms  

Trainer bio 

Isabella Arndorfer (CIA, CCSA, CFSA, Mediator) is an experienced internal audit and governance specialist with over 20 years of experience in the financial sector. From 2003 to 2023, she served as Internal Audit Manager in the Internal Audit Department of the Bank for International Settlements (Basel, Switzerland) and the International Monetary Fund (Washington DC, USA). She led and conducted audits in the Banking Department, the General Secretariat, and the Monetary and Economic Department, focusing on internal controls and corporate governance issues at financial institutions.  

She lectures on internal audits and governance topics at central bank seminars in Asia and Europe, as well as at the University of St. Gallen (Switzerland). She holds a degree in business administration from the University of Economics and Culture in Vienna (Austria) and a master's degree in international management from ESADE, Barcelona, Spain. She is a Certified Internal Auditor (CIA), a Certified Financial Services Auditor (CFSA), and holds a CCSA (Certificate of Control Self-Assessment) from the Institute of Internal Auditors (IIA), Florida, USA.  

In 2023, she founded the training platform www.cpetrainer.com and has since been offering freelance consulting services in the areas of audit, risk management, compliance and governance through her company www.ia-advisory.com .