Fed examiner calls on banks to rethink KRIs

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A really interesting article on the regulator’s view of KRIs . At Governor Software we completely agree with the need to link Key Risk Indicators to underlying exposures and drivers of risk. That’s why we developed a powerful Graph that allows customers achieve exactly that but also map in the regulations, policies and verification materials. Contact us today for a …

Banking agency in Europe advocates and responds on changing prudential standards

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European Banking Authority issues views on future prudential requirements and standards across the industry With the EBA having issued its detailed work programme for 2017, it has formally responded to a European review of the framework for large exposures forming part of the Capital Requirements Regulation (CRR). Not surprisingly, it has proposed a number of changes and new measures to …

Lead prudential regulator in the UK sets sights on various new frameworks

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UK PRA sets its focus on progressing important prudential frameworks The UK’s banking and lead prudential regulator (PRA) has issued feedback on its initial consultation on a new ‘Pillar 2’ framework covering issues such as required disclosures and the treatment towards consolidation in regard to calculating prudential needs related to matters including relevant and eligible liabilities, overall ‘own fund’ requirements. …

A continued Board focus on cyber-crime and other data security matters

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Keeping the Board’s focus on cyber-crime and other data security matters The Information Commissioners Office (ICO) has issued Q&A material to support its webinar around the overall aspects and approach to cyber-crime risk-management. This covers generic issues such as breach reporting, encryption, user-password control and management, and the current techniques and the necessary and expected due-diligence and assurance processes surrounding …

Corporate governance regulator rates investment firms on quality of stewardship

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UK FRC publishes tiered listing of financial firms against current UK Code quality standards and practices In collaboration with the relevant corporate signatories during 2016, the Financial Reporting Council (FRC) has undertaken an assessment of some 300+ firms involved in the asset-management industry which have now been duly categorised on the quality of their current UK Stewardship Code statements and …

UK conduct regulator acts and consults on numerous banking related themes

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UK conduct regulator engages across a range of banking related themes and topics The UK FCA followed-up its interim report of April 2016 by publishing its final market study report on investment and corporate banking during late October. This resulted in consultation (see FCA CP16/31) concerning measures to deal with prohibiting the use of restrictive contractual clauses e.g. ‘right of …

UK regulator acts on poor culture and serious failings in financial-crime oversight

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UK FCA fines banking firm and its former MLRO for serious and systemic cultural and governance failings The UK’s conduct regulator has recently fined a small UK bank £3.25m, imposed a 6-month restriction on its continued business (new customer deposits), and separately fined and banned its former appointed MLRO too, for failings in establishing and maintaining robust oversight and controls. …

EU banking agency sets out its work programme and activities for 2017 and beyond

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European Banking Authority looks ahead on work activity, deadlines and priorities for 2017 and beyond The EBA has issued details on its intended supervisory and intervention work programme for 2017, and some seven other future areas of key strategic focus over the period 2017-2020. During 2017 the EBA’s focus will be on specific risk topics and modelling issues including liquidity, …

Agencies engage with industry to enhance crime-risk standards and guidance

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UK agencies collate effort and engagement to enhance UK financial-crime standards and practices In late-2014 the National Crime Agency started routinely participating in a banking and financial sector initiative to engage with industry, other specialist bodies and investigation and enforcement agencies, and even wider international partners to increase levels of collaboration and share intelligence and ideas on risks and threats. …

Consolidated UK guidance on Interchange Fees Regulations issued by PSR

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Payment services regulator leads on UK guidance on Interchange Fee Regulations The UK Payment Systems Regulator (PSR) issued a final analytical view and determination back in the spring of 2016, concerning certain UK three-party card schemes not being exempted from the interchange fee caps introduced by the IFR’s which initially came into place (Phase 1) from December 2015. The second …