PRA flags current operational risk and resilience, cyber security and outsourcing issues for credit unions

23 September 2019

The PRA has reminded credit unions of its expectations regarding operational risk and resilience, cyber security and outsourcing issues in the published findings of its 2019 annual assessment of the credit union sector.  These are hot topics in the finance industry as a whole, so it is no surprise that the PRA has flagged these issues as being relevant to credit unions. 

 Key take away messages that apply across the board are the importance of continuity of business services through disruptions arising from operational or cyber incidents, and the importance of keeping outsourcing arrangements up to date and in line with current regulatory requirements, including ensuring that there is an ability to exit outsourcing arrangements where necessary without detriment to the continuity and quality of the provision of services to clients. The relevant PRA comments can be accessed here.
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Future Dates

* Estimated date

  • 31 December 2019

    Following PRA's policy statement (PS10/17) - operational continuity firms are expected to submit the template (PRA109) 45 business days after the first reporting period ending 31 December.

  • *2020

    The date by which all references to CRA ratings in laws and regulations relating to banks are to be removed. This will be done by the Commission based on technical advice from ESMA. EIOPA will be responsible for implementation.

  • 1 January 2020

    The EC consultation on a review of the Benchmarks Regulation closes on 6 December 2019. 

    The Commission is required to review the BMR and submit a report to the European Parliament and Council of the EU by 1 January 2020.