Banking Regulations

Discussion around current trends in regulations for banks globally

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

Steve Morgan Banking Industry Market Lead at Pegasystems

Consumer Duty Standards: How Low Code Tech Will Solve the Back-End Challenges

Many will be keenly aware that the UK’s financial regulator the FCA is asking the retail banking sector to drive ahead with applying tougher customer service standards. With the initial July 2023 deadline on the horizon, keeping to their timetable should mean greater adoption of more agile development, low code and automation technologies and tech...

22 February 2023 /regulation

Steven Rackham CTO for Financial Services at NetApp

How the financial services industry can prepare for DORA

Big Tech’s influence is becoming more and overarching across numerous different sectors. From retail to politics, Big Tech is slowly infiltrating our lives. One sector which is trying to ensure it keeps some control is the financial services sector. Last July, the Bank of International Settlements published a paper arguing that the reliance of fin...

09 February 2023 /regulation

Simon Luke UK Country Manager at First AML

The ECJ’s new ruling on the beneficial ownership register is bad news for AML

In 2015, the European Parliament passed a directive “on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing”. Under this article, member states were obliged to ensure access to beneficial ownership to those with a legitimate interest. In 2018, this was extended to any member of the genera...

11 January 2023 /crime

Omkar Nisal Managing Director UK & Ireland at Wipro Ltd

Five key considerations on the Digital Operational Resilience Act (DORA)

On September 24, 2020, the European Commission published the first drafted proposal for a Digital Operational Resilience Act (DORA) as part of the Digital Finance Package (DFP). The aim is to guide financial institutions through the complexities of crypto assets, blockchain technology, and digital operational resilience, as well as advising on a

21 December 2022 /security /regulation

Jenny Nittmann Managing Director at Nitt & Huff GmbH

Cross-Border Payments with the EU? Ready for new reporting obligations to the EU Commission?

CESOP – An EU-wide VAT transactional reporting obligation for payment service providers If your business provides payment services in scope of the EU PSD2 legislation, you may be required to report transactional data related to cross-border payments to CESOP, the EU’s new “Central Electronic System of Payment” information. Reporting starts in Janu...

06 December 2022 /payments /regulation

Yahya Mohamed Mao Head of Business Development & Marketing at Swiss GRC

Current initiatives on climate-related financial risks

Central banks and financial supervisors worldwide are making progress in the identification, assessment, and management of climate-related financial risks. Banks are increasingly being required by regulators to address climate risk. Some have begun, but many must still develop plans, build capabilities, and develop risk-management frameworks. Pr...

05 December 2022 /regulation /identity