The UK’s Prudential Regulation Authority (PRA), housed within the Bank of England, has written to the heads of international banks operating in the UK to remind them that they are expected to strengthen their non-financial risk management capabilities, after the multi-billion pound collapse of Archegos in 2021.
The letter was signed by Nathanaël Benjamin and Rebecca Jackson from the PRA’s authorizations, regulatory technology, and international supervision unit. It also highlighted financial resilience, operational risk, climate change, diversity, and the switch away from Libor as issues at the top of its agenda.
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