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UK regulator tells banks risk management is a top priority after Archegos

Bank of England's regulatory arm sets out what is at the top of its agenda for the coming year

Executive pay will continue to be a focus as the PRA looks to banks to tighten up their risk controls
Executive pay will continue to be a focus as the PRA looks to banks to tighten up their risk controls Photo: Thomas Krych/Getty Images

The Prudential Regulation Authority wrote to international banks operating in the UK to remind them that strengthening risk management is imperative after the multi-billion pound collapse of  family office Archegos last year.

In an open letter on its 2022 priorities, the watchdog highlighted financial resilience, operational risk, climate change, diversity, and the switch away from Libor as issues at the top of its agenda.

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