Banking Regulations

Discussion around current trends in regulations for banks globally

Johnny Steele Head of Banking, UK & Ireland at SAS

Model risk management: not just for risk models

The PRA’s new supervisory statement extends banks’ model risk management obligations “across all models” - not just capital and stress testing. What steps must banks take to comply? Despite last year’s government pronouncements about rolling back restrictions and cutting through red tape, 2023 is already looking like a big year for regulatory chang...

25 May 2023 /regulation

Retired Member 

UK regulators take aim at archaic data management practices

The increasing availability of data in the finance industry provides firms with the opportunity to gain deeper insights into market trends, customer behaviour, and exposure to risk. With the help of advanced analytics and machine learning, finance firms can use this data to improve their decision-making processes, increase efficiency, and ultimate...

24 May 2023 /security /crime

Robert Houghton Founder at Insightful Technology

Everyone’s unfairly guilty, until proven innocent in the eyes of financial regulators

The recent raids by French prosecutors that targeted the Paris offices of five major banks including HSBC and BNP Paribas on suspicion of fiscal fraud is a serious matter, and it’s one that should not be taken lightly. If the authorities have evidence that a bank or its employees have committed a crime, then they should absolutely investigate and h...

19 April 2023 /regulation /crime

Steve Morgan Banking Industry Market Lead at Pegasystems

What EU 6th AML/CFT Rules Mean for Banking Technology

While Ukrainian war sanctions have dominated the debate about how banks should tighten KYC-systems, there is a parallel major overhaul of the European Anti-Money Laundering and Combating of Financing Terrorist (AML/CFT) rules underway in 2023. This further adds to the strain on the compliance systems of financial institutions operating across Euro...

13 April 2023 /payments /regulation

Ravishankar Poonjolai Consulting Partner at TCS

UK Consumer Duty Regulation – Impact on buy side firms

The Consumer Duty regulation sets higher and more defined standards of consumer protection across UK financial services sectors and requires FCA (Financial Conduct Authority) regulated firms to put their retail market customers’ needs first. This affects financial service providers such as banks, building societies, insurance, life & pension f...

13 April 2023 /regulation /wealth

Mete Feridun Chair at EMU Centre for Financial Regulation and Risk

What does the EBA`s proposal to expand FRTB reporting mean for banks?

The Fundamental Review of the Trading Book (FRTB) was introduced into the prudential framework of the EU by Capital Requirements Regulation (CRR 2) as a regulatory reporting requirement in 2020. The final draft Implementing Technical Standards (ITS) on the FRTB reporting requirements went into force in 2021 as part of version 3.1 of the EBA report...

09 April 2023 /regulation /wholesale

Ellora Roy Senior Manager, Banking & Financial Services, UK&I at Cognizant

Consumer Duty: The frog’s been eaten, what’s next?

With the implementation plans submitted, initial feedback provided, and sector specific guidance letters issued by the FCA - firms are now scrambling to meet the new Consumer Duty [the Duty] rules by the deadline of 31st July ’23. Will all of this be done by then? The answer is a reverberating no. And the scale of work is the least of the reasons...

05 April 2023 /regulation /retail

Retired Member 

GRC Outlook: Q1 2023 - a look back at all the key UK regulatory updates

Introduction We bid farewell to 2022 with a Christmas present from the Chancellor where he announced and reinforced a spate of new and on-going initiatives for the financial services sector. Continuing with the momentum, the first quarter of the 2023 has been buzzing with regulatory updates around Conduct, Digital Payments, Re-alignment of EU re...

30 March 2023 /regulation /markets

Nevan McBride Risk Practice Director at Jaywing Risk

Consumer Duty: How data and modelling can detect and prevent consumer vulnerability

The final rules and guidance for a new Consumer Duty, published by the FCA in a policy statement in July 2022, set higher and clearer standards of consumer protection across financial services, and requires firms to put their customers’ needs first. The rules require firms to consider the needs, characteristics and objectives of their customers – ...

27 March 2023 /regulation

Rajeev Verma Consultant at Tata Consultancy Services Ltd

ROLE OF PROCESS MINING IN ENABLING ESG COMPLIANCE

Role of Process Mining in enabling ESG compliance Overview ESG progression in BFSI Industry : Undoubtedly there is never seen focus on environmental, social, and governance issues post-pandemic Covid-19. Although the financial sector has been investing in CSR activities for the last few decades, the momentum has been building due to the rising

28 February 2023 /regulation /sustainable