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PRA press ahead with COREP skilled persons reviews

Kelly Sheppard

Last year firms were sent a Dear CEO letter on the PRA’s intention to review the accuracy of COREP returns. We now know now that the regulator is currently pressing ahead with a wave of S166 reviews targeted at many of the foreign owned banks.

Importantly, the current reviews will include an assessment of the effectiveness of the systems and controls over regulatory reporting and the scope will include several sets of returns including FSA001 (balance sheet), COR001 (own funds), COR002 (large exposures), COR012 (ALMM), and COR011 (liquidity returns).

With our history of helping foreign owned banks navigate the regulatory horizon and mitigate risks, and our vast experience in  not only reviewing regulatory returns but also in preparing them on behalf of many firms, we are uniquely placed to assist those in scope.

Clients are now requesting independent reviews over their prudential reporting systems and controls to gain assurance over the policies and processes they have in place.

If you become subject to the requirement for a S166 review to be conducted, Moore has an unrivalled reputation for conducting such reviews and we will be able to guide you through the process. We have an established methodology and a solid professional relationship with the Regulator.

For more information, or if you are interested in us conducting an independent review of your prudential reporting, please contact Kelly Sheppard.