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The challenges facing retail banking in operational risk 

Retail banks face unique challenges in the industry, such as higher operational costs across a more distributed network, and higher levels of internal fraud and misconduct.

A shift towards higher and clearer standards of consumer protection due to regulation requiring firms to put their customer’s needs first. This requires a frequent review of the risks and controls, keeping customer outcomes in mind.

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Your free operational risk data report

Our AI provides a report that exposes many key data challenges facing anyone that manages operational risk including identification of:

• Non-Controls
• Unclear Risks and Controls
• Risk and Control Duplication
• Prevent / Detect Inconsistencies
• Business line Inconsistencies
• Description field word count analysis

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See how your risks and controls compare with your peers

Many of the pain points we are seeing across the industry are common to most banks. For Retail, we are seeing a particular focus at the moment on:

  • Doing more with less 
  • Regulatory Pressure & Scrutiny 
  • KYC, AML and IT-related Risks / Controls 
  • Consumer Duty / Conduct 
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A well-known retail bank spent over a year searching for technology and skills to categorize and analyze tens of thousands of risk controls, until they talked to Acin.

Consumer Duty

The final FCA Policy Statement on the Consumer Duty (PS22/9) and the finalised guidance (FG22/5) have been published. The implementation timeline has been confirmed as being phased with a deadline of 31 July 2023 for all in scope new and existing products and services that are open to sale or renewal and 31 July 2024 for closed products and services. 

The wide-ranging proposals will require firms to review their product suite, communications and end-to-end customer journey, and to consider changes in areas including governance and accountability, MI and reporting, product design, pricing, distribution, servicing and staff training – all within a challenging implementation timeframe.

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