In a "Dear CEO" letter sent to the heads of international banks earlier this week, the UK Prudential Regulation Authority (PRA) outlines its supervisory priorities regarding those institutions for 2025, including a heightened focus on risk management, governance, and resilience.
Perhaps most notably, the letter makes clear that the PRA sees it as the board's responsibility to ensure a firm's culture is supportive of desired risk management outcomes. "Boards should ... consider where risk culture may be the root cause of material weaknesses in their firm's control environment," the PRA's Rebecca Jackson and Alison Scott write therein.
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