ICYMI: In July, the UK Prudential Regulation Authority (PRA) published a document outlining its approach to supervision. Therein, the PRA emphasizes governance and culture as key supervisory concerns.
"It is the responsibility of each firm's board and management to manage the firm prudently, thereby contributing to the continued stability of the financial system," the PRA writes. As such, the board should articulate a desired culture that encourages ethical behavior among employees. The board must also hold management accountable for embedding and maintaining this culture.
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