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Reports on key recent regulatory developments focussing on banking and finance. See also our Financial institutions general regulatory news and other sector news in the Related Materials links.
Contents
LIBOR transition: Working Group recommends successor rate for fallbacks in bond documents
Securitisation requirements: ECB to supervise bank compliance
SSM reporting of supervisory financial information: ECB adopts amendments
EU crisis management and deposit insurance framework review: SRB blueprint
EBA report on reliance on external credit ratings
2022/23 supervisory benchmarking exercise for capital internal models: PRA statement
The UK Prudential Regulation Authority (PRA) has published a statement on its expectations concerning the 2022 and 2023 supervisory benchmarking exercise relating to banks capital internal models. These relate to year-ends 2021 and 2022 respectively. The statement is relevant to those cr
Risk.net
The insurance CRO agenda
Today’s insurers face a perfect storm in maintaining financial and operational resilience post-Covid, easing pressure on the balance sheet in a low interest rate environment, and managing the uncertainty of a growing roster of financial and non-financial risks. Here our expert panel shares its views on climate change, cyber risk, digitalisation and compliance, and key regulatory developments, offering a compelling insight on the challenges and priorities shaping the insurance chief risk officer (CRO) agenda.
The Panel
Christophe Burckbuchler, Managing Director, Moody’s Analytics
Sid Medappa, Chief Risk Officer, Zurich Insurance plc
Nick Silitch, Chief Risk Officer, Prudential Financial
Worldwide spending on digital transformation technologies and services increased by as much as 10% in 2020, reaching $1.3 trillion. The pace of technology adoption continues to increase around the world, and in the words of Microsoft CEO Satya Nadella, “every company is now a software company”.
For most businesses, these digital transformation projects involve the outsourcing of software; bringing the innovation, expertise, productivity, and cost benefits that often come with the use of specialist solutions. However, the more integral to day-to-day operations these applications are, the larger the risk to the buyer’s business services if there were to be any interruption to the capabilities they deliver.
Reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries.
Contents
Solvency II: EIOPA opinion on supervising use of climate change risk scenarios in OSRA
COVID-19: FCA BI insurance calculator
Solvency II: PRA supervisory disclosures
aggregate statistical data on key aspects of the application of the prudential framework;
a table covering the manner of exercise of the options provided for in the Solvency II Directive;
links to the texts of insurance regulations applicable in the UK; and
links to the PRA’s supervisory approach.
The PRA states that the disclosure is designed to foster a uniform level of transparency and accountability between supervisory authorities and will be of primary interest to PRA-authorised insurance companies.