MyComplianceOffice Blog

In April 2019, the Prudential Regulation Authority (PRA) sent a letter to CEOs highlighting its expectations for Boards of PRA regulated firms to understand and manage climate-related risks. The statement expects firms to allocate responsibility and appoint a Senior Management Function ("SMF") responsible for identifying and managing climate-related risks.

Podcasts aren’t new but they are on the rise, and for a reason, they are an engaging, informative and easy form of content to digest. You just need a mobile device to access them and here you go, great content in your hand.  

Conduct risk is a form of business risk that refers to potential misconduct of individuals associated with a firm, including employees, third-party vendors, customers or agents interacting with the firm. Read more on conduct risk, what regulators say about it and how to protect against it.

According to a 2019 survey financial institutions, especially banks, are falling behind when applying digital transformation to conduct risk management. The current situation shone a light on the lack of technology to monitor employees' activities, regulations, conflicts of interest and conduct risk across organizations. During the pandemic, risk and compliance departments were struggling to manage risks, provide reporting and comply with regulations. All that drove even more attention to the need for RegTech solutions in financial services.

ESMA published its annual report on December 21, summarising administrative and criminal sanctions and other measures imposed under the Market Abuse Regulation in 2019. A sum of 279 administrative sanctions and measures and 60 criminal sanctions were imposed for infringements of MAR in 2019. The total value of the penalties exceeds €88 million.