Stress-testing models face greater scrutiny under SS1/23
ArticlePRA's SS1/23 amendment brings stress-testing and ICAAP models under the same governance standard as capital models. Vivian Lagan explains what banks need to do to comply.
By: Irina Velkova
27 Aug 2022 44 min listen
The new operational resilience rules have been effective since March 2022, forcing firms to think much more about how they communicate with customers when disruption does occur. Further regulatory developments are expected in the upcoming period to 2025, which will require firms to transition into new requirements.
In this episode, Irina Velkova is joined by Joanne Johnson, Head of Operational Resilience and End-to-End Controls at Wesleyan, and David Young, Associate Director at Grant Thornton UK LLP, for a conversation around how operational resilience is becoming a priority for firms.
PRA's SS1/23 amendment brings stress-testing and ICAAP models under the same governance standard as capital models. Vivian Lagan explains what banks need to do to comply.
Regulators are now overseeing the UK's most critical technology providers, but the suppliers most likely to stop an insurer paying claims sit outside that regime. We look at hidden concentration risks and how to mitigate them.
The FCA has reformed CASS 6 and 7 to ease the regulatory burden and align with Consumer Duty. Here's what's changed and what CASS firms should do next.