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Risk Assessment Prudential Regulation Authority (PRA)

Latham & Watkins LLP

AI in UK Financial Services - What’s on the Horizon?

Latham & Watkins LLP on

As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. As financial services firms digest FS2/23, the joint Feedback Statement on Artificial...more

Goodwin

Further Light on Generative AI and UK Financial Services Regulation

Goodwin on

In our previous alert, we noted the speech made by Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), which built on the points made in a joint paper published by the Bank of England (BoE) and FCA on artificial...more

Latham & Watkins LLP

Funded Reinsurance: the PRA Flags Risks From Schematic Review

Latham & Watkins LLP on

UK regulator continues to raise concerns that current market practices could lead to systemic risk. The Prudential Regulation Authority (PRA) has issued another communication, the latest of a series related to...more

Mitratech Holdings, Inc

European Banking Authority: Operational Resilience a Key Issue for European Banks in 2022

Despite the occasional operational issue, European banks; like their peers in Asia, the US, and the UK, are generally in good financial shape to weather the current economic storms reverberating around the world. This picture...more

Mitratech Holdings, Inc

Spreadsheet Risk Triggers £5 Million Fine for UK Bank

The UK’s banking regulator, the Prudential Regulatory Authority (PRA), recently announced that it had fined a UK bank over £5m (over $7m) because of problems caused by uncontrolled spreadsheets in crucial business processes. ...more

WilmerHale

PWG Report on Stablecoins - Implications for the Regulatory Environment

WilmerHale on

On November 1, 2021, the President’s Working Group on Financial Markets (PWG) - along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) - published the Report on...more

Hogan Lovells

Banking and finance regulatory news, October 2020

Hogan Lovells on

IRB UK mortgage risk weights: PRA CP14/20 - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP14/20, on proposals to introduce new expectations on internal ratings based (IRB) approach UK...more

Hogan Lovells

Operational resilience: a new area of regulation you need to think about now

Hogan Lovells on

Several high profile systems failures resulting in customers being unable to access their finances and an ever-increasing reliance on outsourcing key activities to group entities or third parties have unsurprisingly caught...more

A&O Shearman

UK Prudential Regulator Finalizes Revisions to Pillar 2 Liquidity Reporting Frequency

A&O Shearman on

The U.K. Prudential Regulatory Authority has published a Policy Statement, revised reporting rules and a revised Supervisory Statement on the PRA's approach to supervising liquidity and funding risks (SS 25/15). The changes...more

A&O Shearman

UK Prudential Regulator Consults on Outsourcing and Third Party Risk Management Rules

A&O Shearman on

The U.K. Prudential Regulation Authority is consulting on proposals for modernizing the regulatory framework on outsourcing and third party risk management by the financial services sector. The proposals are relevant to...more

Latham & Watkins LLP

Trends in Outsourcing Regulation and Supervision in Financial Services

Latham & Watkins LLP on

Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services - The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more

A&O Shearman

UK Prudential Regulator Launches Consultation on Asset Encumbrance Rules

A&O Shearman on

The U.K. Prudential Regulation Authority has launched a consultation on its proposed expectations of how firms manage prudential risks associated with asset encumbrance. The PRA’s expectations are relevant to all...more

Locke Lord LLP

UK Insurers Probed for Cyber Risk

Locke Lord LLP on

The UK's Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to...more

Williams Mullen

Managing Risks in Vendor Relationships

Williams Mullen on

For years, banks have relied on third party vendors to provide specialized products or services, or have used outsourcing as a way to reduce internal operating costs. In the wake of the financial crisis, however, regulators...more

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