PRA’s Dear CEO Letter Puts the Focus on Governance and Control

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?

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