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

11 February 2020

IFRS 17 Global Roundup: February 2020

Emerging threats. The need to upskill. Growth challenges. These are all reasons why your IFRS 17 programme should deliver more than a new set of financial accounts. Alex Bertolotti discusses this in more detail.

06 February 2020

Time to capitalise on the changing face of financial ‘advice’

In this blog, Andrew Strange discusses the complexities for financial service companies on providing advice to clients and customers.

03 February 2020

IFRS 17: Why upskilling the whole workforce is critical to success

A knowledge of the implications of IFRS 17 on the business will be critical to the success and viability of new products. Similarly, it will be important the brokers, underwriters, claims handling team and those within the risk and compliance functions have an understanding. The list goes on.

31 January 2020

The urgency and opportunity of cryptoasset compliance

Cryptoasset businesses have been brought in scope of the Money Laundering Regulations in the UK. This presents both challenges and opportunities.

28 January 2020

Modernising third party risk management with a PRAgmatic regulator

Businesses must seize the opportunity to inform the Prudential Regulation Authority’s (PRA) upcoming policy on outsourcing and third party risk management.

How will automation change the compliance function of the future?

As the use of machine learning and robotics in financial services evolves, it raises a fundamental question about what the future holds for the compliance function. Against a backdrop of cost pressures and a changing regulatory landscape, many organisations are looking to automate manual activities. But could the compliance function ever become fully-automated?

22 January 2020

What does the regulatory revolution on data collection mean for firms?

We are going through a revolution in the way financial services firms use data. The quantity and complexity of the data available to firms is unprecedented. This brings unique opportunities to better tailor the services provided to customers but also significant regulatory, operational and even ethical challenges.

New year’s resolutions (and pre-emptive recovery plans) for insurers

Recovery and resolution (R&R) planning appears to have arrived in insurance, following multiple false dawns.

21 January 2020

IFRS 17: Have you considered the impact on customers?

Most of us have some form of insurance. Life, cars, gadgets, body parts, you name it, it can be covered. But, do you understand how insurance works? And do you know that it’s changing?

16 January 2020

Should EU banks be able to use capital and liquidity waivers?

With European bank profitability low and coming under constant pressure, cross-border banking groups have been arguing for the ability to move capital and liquidity across borders more easily, in order to improve their efficiency in funding economic growth.

19 December 2019

A clearer path on Brexit, but what next for financial services?

The Conservative Party’s resounding victory in the general election means the EU Withdrawal Agreement is now almost certain to be passed in the House of Commons, with the UK leaving the EU on 31 January 2020. The impact of the UK leaving the EU without a deal in January would have been damaging for the financial services sector, despite the huge amount of work that has gone into preparing since June 2016.

18 December 2019

IFRS 17: Year in review

Alex Bertolotti shares his personal IFRS 17 highlights from 2019 and looks ahead to the new year. This year so much has been accomplished by our clients, technology vendors and PwC alike.

12 December 2019

Assessment of value - time to be brave

The Financial Conduct Authority’s (FCA) new assessment of value rules require asset management firms to conduct a root and branch review of their UK funds, and then report their findings to investors. With the first reporting deadline fast approaching in January 2020, now is the time for firms to be brave and stand behind their offering to investors?

10 December 2019

Vendor 3.1: Our latest IFRS 17 vendor analysis

By Richard Hart Background Over the past three years, PwC has undertaken an Insurance Finance & Risk vendor review. Our review considers both the traditional and modernized capabilities required by an insurers finance and risk function, alongside an assessment of the functionality required for IFRS 17. We’re delighted to announce...

06 December 2019

What do the PRA’s changing credit risk rules mean for firms?

By Stefanie Aspden and Mete Feridun Efforts to reduce the unwarranted variability in credit risk-weighted assets (RWAs), stemming from differences in modelling practices across firms, continue to be high on the regulatory agenda in the EU. Despite the political uncertainty surrounding Brexit, the Prudential Regulation Authority (PRA) continues to apply...

04 December 2019

Final remarks on risk appetite statements

By Sian Herbert The risk appetite statement should not be considered in isolation but should be considered in the context of the broader financial crime risk management framework. The risk appetite statement informs policies and procedures which should be designed to ensure that the controls are in place to mitigate...

FRC Client Assets Standard 2019

By Kim Stainfield The FRC released the revised FRC Client Assets (“CASS”) Assurance Standard on 25 November 2019. This Standard is effective for reports to the FCA with respect to Client Assets for periods commencing on or after 1 January 2020. From our experience, we consider that the Standard has...

03 December 2019

A journey towards responsible AI in financial services

By Leigh Bates and Maria Axente The topic of ethical and responsible Artificial Intelligence (AI) in financial services has risen in popularity over recent years, partly due to media attention regarding bias and discrimination inherent in AI models, but also because it is a topic gaining increasing focus from regulators...

29 November 2019

How do I use a risk appetite statement?

By Sian Herbert In the fourth blog of this series I consider how a risk appetite statement can be used to manage and monitor risk within an organisation. The risk appetite should drive key business decisions such as business acquisitions, disposals, client on-boarding/exiting and the deployment of resources. The inherent...

28 November 2019

Operational Resilience - A view from beyond the wall

By Stuart Birnie. Operational resilience continues to be a hot topic in the Financial Services industry where firms now run operations on a truly global basis. Therefore, collaboration between global teams and those operating in various UK locations is critical if progress is to be made with operational resilience.