Happy New Year everyone. The very regulatory environment that has introduced rules on operational risk is causing that risk due to the volume of the introduction of its rules. The irony of it all!
This year we should expect to see specific rules on operational resilience. The BofE/PRA is expected to be the first mover on this.
Banks and other financial institutions regularly receive overlapping requests and have to deal with simultaneous initiatives from different watchdogs with no overarching strategy, according to UK Finance. It said the resulting higher compliance costs were hitting budgets.