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News & Communication

PRA: Dear CEO, we intend to commission a Section 166 report

FOCUS ON: News,

31 October 2019

The PRA has published on 31 October 2019, a “Dear CEO” letter regarding the reliability of regulatory returns. The letter is relevant to the responsible senior management, Executive Management and Board of your firm. The PRA has issued the letter following an independent review recommending the introduction of formal third-party reviews of key prudential information provided by firms.

In the letter, the PRA reinforces their expectations for Firms to evidence how “the design and operation of the governance, controls and other processes, deliver regulatory reporting of appropriate quality”. Under this scope, firms need to be in a position to detail any key interpretations and judgements made relating to requirements for regulatory returns as well as the governance processes used to validate these. In cases where material errors have been identified, firms are required to provide a detailed description and remedial actions taken. To ensure the reliability of the returns, the PRA expects that comprehensive reviews and deep-dive analyses are undertaken on a regular basis to ensure the effectiveness of the governance, controls and other processes around regulatory returns.

Avantage Reply has recent and relevant experience successfully assisting clients by: (a) performing an independent review of the quality and compliance of the regulatory submissions; (b) supporting the remediation of supervisory mandated improvements to the regulatory reporting process.

Avantage Reply can provide subject matter expertise to review the end-to-end process covering: governance and controls, interpretation of specific rules and the IT implementation. Feel free to contact us if you would like to discuss how we could support your organisation.

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Hadrien van der Vaeren:

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