Reply is represented at the FI Forum in Frankfurt. Meet Reply at their booth and learn all about the range of services for the Sparkassen-Finanzgruppe. Also visit the presentation "Banking in the Cloud - Future IT Banking Architecture: Our Perspective and Use Cases" on 22 November 2023.
On 27 October 2021, the European Commission (EC) published its legislative package, implementing the finalisation of the Basel III reforms, widely recognised as Basel IV. The Capital Requirements Regulation 3 (CRR III) and the Capital Requirements Directive 6 (CRD VI) were put in place to signify a new era of banking and financial compliance.
The Digital Operational Resilience Act (DORA), entered into force on the 16th of January 2023 and will be applicable from the 17th of January 2025. Its main purpose is to enhance and strengthen the cybersecurity practices of entities across the EU financial sector and to harmonise key requirements and reporting obligations.
Reply is hosting the
final instalment of the two-part breakfast meeting series to present the results of the survey and delve into specific topics covered by the
second Cloud in Financial Services Survey with senior financial services executives.
On 30 June 2023, HM Treasury published a consultation on reform of the anti-money laundering and counter-terrorism financing (AML/CTF) supervisory. The consultation proposes four possible models and seeks respondents’ feedback on the potential benefits and drawbacks of each reform. Feedback and responses to the consultation must be submitted by 30 September 2023.
On May 12, the European Court of Auditors (“ECA”) published a special report on European Union (“EU”) supervision of banks’ credit risk. It concluded that the European Central Bank (“ECB”) has stepped up its efforts but more is needed to increase assurance that credit risk, in particular non-performing loans (“NPLs”), is properly managed and covered.
In a move to improve the resilience of the UK financial sector, the Prudential Regulation Authority (PRA) issued Supervisory Statement (SS) 1/22 in May 2022. This statement delineates the expectations for certain firms involved in trading activities that could pose significant adverse effects on the stability of UK’s financial sector.
The Duty sets the standard of care that firms should provide to customers in retail financial markets. The FCA has introduced a new principle, Principle 12, known as the Consumer Principle. This principle requires firms to act in a way that delivers good outcomes for retail customers.
Since the release of the BCBS 239 Principles in 2014, the European Central Bank (ECB) has been urging European banks to comply with these Principles. These Principles cover three main topics: Overarching governance and structure, risk data aggregation capabilities, and risk reporting practices (often referred to by the ECB as 'RDAR').
On October 2022, the International Swaps and Derivatives Association (ISDA) released a report titled "Climate Risk Scenario Analysis for the Trading Book", which provides guidance for banks and financial institutions on how to assess climate risk in their trading books.
Reply is excited to launch a two-part breakfast meeting series to present the results of the survey and delve into specific topics covered by the survey with senior financial services executives. In collaboration with the European Banking Federation, Insurance Europe, and Profs. Markus Perkmann (Imperial College London) and Nelson Phillips (University of California, Santa Barbara), is currently conducting its second annual survey on Cloud in Financial Services.
If you have ever worked at a bank, you might have come across a process called Supervisory Review and Evaluation Process (SREP). A “baby” of the Global Financial Crisis (GFC) and the European debt crisis, this process is an essential element in ensuring that banks remain safe and reliable.
We believe that the journey towards ensuring good outcomes for customers has only just begun and will have far reaching impact on the way firms are built and run. Join us for the breakfast event, where you will have an opportunity to share ideas across various areas of the Consumer Duty, understand the challenges faced by firms and interact with industry leaders.
To register for this event, please RSVP to
The year 2022 has brought a new wave of financial crime enforcement with Anti-Money Laundering (AML), Know-Your-Customer (KYC) and Countering the Financing of Terrorism (CFT) fines skyrocketing after a lull period during the COVID-19 pandemic. Fines have risen over 50% globally compared to 2021 and show no sign of slowing down in 2023.
The publication of Regulation (EU) 2022/2554 on the Digital Operational Resilience Act (DORA) for financial institutions in the Official Journal of the European Union on December 27, 2022, has significant implications for Luxembourg-based financial entities. Avantage Reply is actively assisting these entities to ensure they are prepared to meet this challenge.
On 25 January 2023, the FCA published the findings from its review of firms’ plans to embed the Consumer Duty (the “Duty”) within their businesses. These implementation plans should have been agreed by firms’ Boards by the end of October 2022.
Perhaps unsurprisingly, climate action failure, extreme weather events and biodiversity loss have been identified as three global risks anticipated to have the most damaging effect over the next ten years according to the World Economic Forum Global Risks Perception Survey 2022.
On 26 September 2022, the Bank of England (BoE) published details of the return to its 2022 Annual Cyclical Scenario (ACS). The ACS was not performed over the past two years during Covid-19 and postponed in March 2022 due to Russia’s invasion of Ukraine.
Avantage Reply will be hosting its first ESG
Breakfast at their office on the
3rd of May 2022 (from 8:00 to 10:30am) and we would be grateful if you could join us.
This session would be an opportunity to discuss the current ESG challenges and contribute to the conversation, as well as, a chance to ask questions to the experts and network with peers.
On April 22nd 2022, the CSSF published the longawaited Circular on outsourcing arrangements which sets out the new regulatory requirements applicable to in-scope entities as of June 30th 2022. The new Circular translates the EBA guidelines on outsourcing arrangements into locally adapted regulations.
The discontinuation of LIBOR requires the financial industry to shift to alternatives, the socalled Alternative Reference Rates (“ARR”), with implications on products that refer to variable
interest rates. Major structural differences between LIBOR and the ARR necessitate a reconsideration of product design, operational processes and IT solutions.