Value for Money
Bank of England: Managing legal, ethical and staff compliance risks
Published 4 March 2024
4 recommendations
Banks and financial servicesBusiness and industryRisk and resilienceRisk management
nao.org.uk
The Bank of England is overhauling its management of non-financial risks. The Bank is progressing but recognises there is more to be done.
Recommendations (4)
Source: NAO Recommendations Tracker
Bank of England
Rec 1
Accepted
Implemented
The Bank should review whether there are material differences in awareness, understanding and perception of risk and compliance between different groups of staff ? for example, based on role, seniority or length of service ? in order to identify ways to target further improvements.
Bank of England
Rec 2
Accepted
Implemented
Work with business areas to encourage them to more consistently explain changes in assessed levels of risk through the risk and control self-assessment process
Bank of England
Rec 3
Accepted
Implemented
Examine the completeness of the controls in place to manage compliance risks and whether there are gaps or duplication. This should cover: the areas on which the Bank requires assurance; the teams or control activities that provide assurance over each area; and the level of assurance provided by each team or activity. The Bank should identify the most cost-effective way to do this, including considering the merits of a formal assurance mapping exercise and any areas where it judges it already has robust assurance.
Bank of England
Rec 4
Accepted
Work in Progress
Develop a programme of work to more regularly evaluate how well changes to risk management processes and policies are working in practice, and to understand the impact those changes have had on the Bank?s ability to manage compliance risks effectively.