Risk management is a continuous process rather than a linear one. A pragmatic Know Your Obligations (KYO) strategy starts with building an ongoing monitoring approach by deconstructing regulatory obligations and then measuring the performance of related procedures and controls to assure compliance. The final step is to evidence that compliance.
This is a critical part of the process because, as far regulators are concerned, without that supporting documentation, it’s like it didn’t happen.
It’s been an eventful year in Financial Services risk and compliance across the globe. From record enforcement levels to market disruptions to evolving regulations around emerging risks like digital assets and crypto, developments have been coming at compliance professionals at a fast and furious pace.
To keep up with the latest regulatory developments and understand the practical impact on compliance, check out MCO's library of 2022 on-demand webinars for expert guidance viewed at your convenience.
It’s been just about a year since the Bank of England’s Prudential Regulation Authority (PRA) issued the Dear CEO letter Thematic findings on the reliability of regulatory reporting, serving notice to firms that the agency has seen “a historic lack of focus, prioritisation, and investment in this area.”
It’s not a new problem but the letter has brought it into sharp relief. One year on, where are firms regarding the expectations around regulatory reporting and governance set out in the letter?
