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Our blog explores the latest issues in financial services risk and regulation.

17 January 2018

Understanding the PRA’s proposed treatment of bank branches

By David Kenmir and Conor MacManus The UK has traditionally been open to foreign financial services firms, something that has helped put London at the heart of global markets. On 20 December 2017 the Prudential Regulation Authority (PRA) set out how it hopes to maintain that stance post-Brexit, by publishing...

Process Intelligence: findings the “except whens”

By Ben Higgin and Rob Anderson "The process operates like this except when ..." This is something that I often hear when discussing operational processes with clients, largely because most firms don’t have a one size fits all approach to business and product models that are continuously evolving and becoming...

Seven key GDPR challenges for financial services organisations

By Rav Hayer During PwC’s live webcast on the 30 November, key General Data Protection Regulation (GDPR) challenges for financial services were discussed with a panel of PwC GDPR and Data Privacy leads, alongside Jamie Thomson, Head of Operational Risk and Data at Investec Wealth and Investment. Overall the financial...

Don’t sleepwalk into a KYC arms race - Part 5: Tick box exercise

By Imran Farooqi Welcome to our penultimate blog on why the time has come to opt out of the Know Your Customer (KYC) arms race. What does KYC actually mean? The clue is in the name: Know Your Customer. If you know your customer, you understand the risks they pose...

15 January 2018

PSD2: swimming in a new payments POND

By Jonathan Turner and Megan Charles A mini revolution happened in the payments industry over the weekend. PSD2 came into force. ‘PSD – What?’ some might say. The title may mean little to those not ‘in the know’ but it is set to have a significant impact on the retail...

11 January 2018

IFRS 17: a year in review

By Alex Bertolotti Blog Snapshot Noteworthy events of 2017 Reaction of the industry Scepticism vs. Acceptance It’s amazing the difference a year can make. At the start of 2017, it was unknown whether IFRS 17 would even materialise as a new standard; and if it did so, what form this...

10 January 2018

Don’t sleepwalk into a KYC arms race - Part 4: Keep it simple

By Imran Farooqi Welcome back to our fourth blog on why the time has come to opt out of the Know Your Customer (KYC) arms race. If you were to actually print out everything a KYC analyst has to know to be able to perform KYC at a bank it...

29 December 2017

Tackling the Brexit data challenge

By Leigh Bates and Conor MacManus As UK firms further consider their Brexit planning to relocate parts of their cross-border business to alternative EU-27 locations, they face a number of challenges and questions. Alongside the movement of people and logistics, firms are focussing heavily on governance, booking models, infrastructure, technology...

20 December 2017

When one SM&CR delay can lead to another

By Grant Lee The Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA) long-awaited technical consultations, to put more flesh on the bones of July’s broad policy proposals to extend the Senior Managers and Certification Regimes (SM&CR) to all FCA firms, arrived on 13 December 2017. Firms have been waiting...

13 December 2017

Don’t sleepwalk into a KYC arms race - Part 3: Risk based approach

By Imran Farooqi This is the third in our series of blogs looking at why now the time has come to opt-out of the Know Your Customer (KYC) arms race. Risk based approach (RBA) simply means that banks should perform the standard of KYC on each risk class of client...

12 December 2017

Model risk management

By Ashutosh Nawani As the financial crisis so amply demonstrated, the risks posed by models that are inaccurate, misused or misunderstood can be close to catastrophic. Little wonder that since then, financial regulators including The Federal Reserve, The Bank of England and the European Central Bank have all focused on...

11 December 2017

6 challenges of managing data risk in your third parties

By Rav Hayer and Andrew Bache Outsourcing activities which involve transferring data to third parties is commonplace within the financial services market and in David Lukeman’s blog, we learned that this is still an area of focus for the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). However, with...

06 December 2017

Don’t sleepwalk into a KYC arms race - Part 2: Time is money

By Imran Farooqi Following on from our first blog last week, let’s take a closer look at what we mean by ‘time is money’. This series of blogs looks at why we should opt-out of the Know Your Customer (KYC) arms race. Talking to banks, we hear the same story...

Technology risk – what (should) keep CROs awake at night?

By David Lukeman We’ve seen payments outages met with serious reputational damage for the organisations involved. They have been nothing short of a game-changer as the scale of potential contagion throughout the UK’s financial system became clear to the regulator. What also became apparent was that the regulator needed to...

05 December 2017

RiskMinds: Evolving CRO 2.0

By George Stylianides It’s that time of year again, where CROs gather for the annual RiskMinds conference. This year feels different, it really does. For the past few years the agenda, along with risk management in general, has been dominated by financial risk and driven by the regulatory reaction to...

28 November 2017

Don’t sleepwalk into a KYC arms race

By Imran Farooqi Pressure from regulators and fear of getting it wrong have turned Know Your Customer (KYC) into an arms race of ever more stringent KYC procedures. The time is right to review these KYC policies and procedures and decide what is actually required and get rid of what...

23 November 2017

Self-build or multi-vendor: the challenges of IFRS 17 technology

By Richard Hart Blog snapshot: No single technology vendor has an end-to-end solution so a multi-vendor approach or self-build will be needed. IFRS 17 presents an opportunity to kick start more radical change to insurance technology. Get in contact for details of our New York, Toronto, Zurich, Hong Kong, Tokyo...

20 November 2017

Senior Managers Regime: Reasonable steps - testing the outcomes

By Grant Lee and Andrew Strange A key tenet of the Senior Managers Regime (SMR) is the duty of responsibility placed on Senior Managers (SM). This is the new duty to ensure that as an SM, you have taken reasonable steps to discharge your responsibilities. On one level this doesn’t...

16 November 2017

Vulnerable customers: what the FCA’s focus on ‘low resilience’ means for firms

By John Coley and Tessa Norman After pledging to prioritise the most vulnerable consumers in its April 2017 Mission, the Financial Conduct Authority (FCA) has now begun to set out what that looks like. In a consultation on its approach to consumers earlier this month, the FCA said it will...

15 November 2017

The FCA’s competition agenda and the risks of regulatory read-across

By Andrew Strange The Financial Conduct Authority’s (FCA) competition agenda continues to take firms by surprise. Firms are having to adjust both their expectations and horizon monitoring to keep an eye out for both expected and unexpected impacts from this new stream of activity. This year asset management firms will...