Last year saw significant developments in the area of data exports including the EU's new draft standard contractual clauses, draft UK adequacy agreements and guidance on applying the Schrems II judgment.
Regulatory scrutiny over Internal Audit functions in the UK has not slowed down due to Covid, and neither is the focus solely on UK headquartered companies or G-SIBs. The UK regulators want assurance that all firms have effective internal audit capabilities to help strengthen the Three Lines of Defence Model and protect the broader sector.
Lockdown restrictions imposed by the COVID-19 pandemic in 2020 significantly impacted the traditional operating models maintained by financial services firms. As we now transition out of lockdown, firms must begin to reassess the appropriateness of their historic operating models in light of the changes COVID-19 has brought about to our working arrangements.
According to the latest GARP survey, nearly 90% of board members have an oversight of climate risks and opportunities but many firms struggle to operationalise their climate risk framework.
Since 2014, EEA based foreign banks have been caught by the complex derivative reporting requirement in EMIR. Impacted foreign banks need to report not only the reporting of trade execution, but also any updates to that trade until its closure, and potentially collateral, valuation and position reports too.