{"id":1048,"date":"2020-02-15T09:21:00","date_gmt":"2020-02-15T08:21:00","guid":{"rendered":"http:\/\/aurexia.com\/institute\/?p=1048"},"modified":"2020-06-18T08:21:49","modified_gmt":"2020-06-18T06:21:49","slug":"regulatory-watch-uk-edition-february-2020","status":"publish","type":"post","link":"https:\/\/aurexia.com\/insights\/regulatory-watch-uk-edition-february-2020\/","title":{"rendered":"Regulatory Watch \u2013 UK Edition \u2013 February 2020"},"content":{"rendered":"\n<p>The accuracy of regulatory reporting (and consequently the effectiveness of BCBS 239 systems and controls), following the PRA\u2019s <em>Dear CEO Letter <\/em>in October 2019, is high on the regulatory agenda. For firms preparing their post-Brexit arrangements, a front to back review of data accuracy and completeness should be an easy sell. However, all Senior Manager Functions who have been allocated the prescribed responsibility for regulatory reporting need to ensure they exercise appropriate oversight (including review and challenge) of the associated data traceability and lineage as well as validation controls.<\/p>\n\n\n\n<p>Many firms feel they have invested significant time and focus on access control over the years, be that from a segregation of duties perspective following rogue trading incidents or managing information barriers. However the FCA\u2019s <em>Market Watch 60 <\/em>from August 2019, which we discuss, still shows significant issues. We argue that the focus has always been isolated on a specific topic rather than considering access control across the different domains. As more firms move data onto the cloud, access to systems, physical spaces, and data should be considered holistically.<\/p>\n\n\n\n<p>As always, a snapshot from EROS \u2013 our regulatory horizon scanning tool \u2013 is appended, setting out the regulatory news from last month. If you have any comments, suggestions, or would like further details on any of the features included in this month\u2019s edition, please do not hesitate to contact me or the RegWatch Team.<\/p>\n\n\n\n<p>Manmeet Rana<\/p>\n\n\n\n<p>UK Head &#8211; Aurexia<\/p>\n\n\n\n<div class=\"wp-block-buttons aligncenter is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-background has-dark-blue-background-color\" href=\"http:\/\/aurexia.com\/institute\/wp-content\/uploads\/2020\/06\/RegWatch-UK-February-2020.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Regwatch UK Edition \u2013 February 2020<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The accuracy of regulatory reporting (and consequently the effectiveness of BCBS 239 systems and controls), following the PRA\u2019s Dear CEO&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[99],"tags":[130,122,129,105],"class_list":["post-1048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulatory","tag-access-controls","tag-brexit","tag-data","tag-regwatch-uk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - 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