April 18, 2022
Global Regulation: UK’s Operational Resilience
As a result of the progressing reliance on third-party technology, the Bank of England’s Prudential Regulation Authority (PRA) issued a new Supervisory Statement (SS2/21). A year after it was issued the second statement, Operational Resilience: Impact Tolerances for Important Business (SS1/21), became effective on March 31, 2022. Under SS1/21, companies and firms in the UK now have a standard continuity plan. This requires them to build a plan on risks connected to critical business services. By doing so, the regulation aims for a better, robust and effective third-party management that protects both the institution and its clients.
New Report: KPMG Fraud Outlook 2022
The latest report from KPMG shows that executives from different industries expect threats to worsen in 2022. Fraud, compliance, and cyber risk – the Threat Loop are the main challenges that businesses face. We live in a time where interconnectivity is the norm and most of the time it provides great convenience. However, it has its downsides, highly interconnected systems provide an opportunity for a disastrous domino effect.
Other highlights include:
83% of the respondents have experienced a cyber-attack.
55% said that their company has been subjected to regulatory action.
43% answered that work from home policies have exacerbated the threats.
Event Rewind: LegalWeek 2022
The most anticipated week-long gathering of legal professionals happened on March 8 - 11, 2022. Attorneys, law firm partners, and in-house counsel get to network and share ideas in person after being hindered by the Covid 19 pandemic.
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