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The PRA's Supervisory Approach

The PRA's Supervisory Approach

by Starling Insights

Starling Insights Editorial Board

Oct 12, 2023

Observations

Bank of England UK Culture & Conduct Supervision Managing Culture & Conduct for Good Governance Culture & Consequences Resilience & Culture

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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