Visible female leadership and a commitment to gender equality can help propel progress towards gender parity in mid-market leadership. Read the full report to learn more about the value of visibility and the positive impact gender-balanced leadership can have. More voices. More visibility. More momentum.
The EBA has published the second phase of its IRRBB Heatmap Implementation, outlining medium- to long-term supervisory objectives for IRRBB and CSRBB. The update shifts the focus from remediation towards consistency and proportionality, with particular emphasis on the most recent results of SOT analysis, the monitoring of the 5-year cap on NMDs repricing profile, commercial margin modelling, CSRBB perimeter identification, and hedging strategies. In this article, we summarise the key supervisory observations and recommendations and what they mean in practice for financial institutions.
Explore what superintelligence really means, the risks, opportunities, and ethical challenges of AI surpassing human intelligence - and why the time to act is now.
The Digital Operations Resilience Act (DORA) represents a significant step in strengthening the digital resilience of the financial sector within the European Union. This regulatory framework aims to ensure that all entities in the financial system have the necessary safeguards to mitigate cyber threats and operational disruptions. DORA establishes stringent requirements for digital risk management, mandating rigorous testing and assessment protocols to identify vulnerabilities in digital infrastructures.
Entering 2024, the Republic of Cyprus is at a pivotal moment in its journey toward enhancing data protection and cybersecurity.
In today's data-driven financial and economic landscape, the evaluation of mortgage loan default risks has significantly evolved due to enhanced data insights and sophisticated model techniques. Predictive modelling techniques have risen to prominence due to their ability to enhance decision-making, streamline lending processes, and ultimately enhance transparency and risk management of financial institutions.
In May 2024, European Central Bank (ECB) released its final guide on effective risk data aggregation and risk reporting, accompanied by a feedback statement on the consultation that shaped the guide. This document aims to address persistent challenges in risk data management within financial institutions, emphasising the importance of accurate and comprehensive data for sound decision-making and regulatory compliance.
We would like to inform you that the Department of the Registrar of Companies and Intellectual Property (the “Department”) has recently announced the following final arrangements regarding the implementation of the electronic system of the Register of Beneficial Owners (the “BO Register”)
Cryptocurrencies and distributed ledger technologies (DLTs) continue to change the world. We are at the stage of forming complex concepts of regulation for cryptocurrencies and blockchain. Therefore, today it is extremely important to understand all the intricacies of regulation from the usage of crypto assets.
In the effort to combat the global climate crisis, a significant number of usually large corporations have made commitments to achieve Net - zero emissions or Carbon Neutrality goals by 2050. Becoming either ‘climate neutral’ or achieving ‘net-zero’ means reducing greenhouse gas emissions (GHG), but it also means compensating for any remaining emissions through offsetting.
In May 2023, the PRA has issued a Supervisory Statement (SS1/23) as part of a Policy Statement (PS 6/23) which also incudes feedback on the consultation paper (CP) 6/22 - Model Risk Management Principles for Banks. The policy becomes effective on Friday, 17 May 2024.
The legal Cypriot community has recently seen leaps of improvement in the way cases and electronic data are handled. Aside from the fact that electronic evidence has recently became admissible to the Cypriot court, the establishment of a commercial court in the island comes to revolutionize the way commercial cases are litigated.
In 2023, the ECB Banking Supervision conducted two separate stress test exercises involving euro area's significant institutions. A total of 57 institutions were directly supervised in the EU-wide test coordinated with other financial authorities like the European Banking Authority (EBA), while 41 additional significant institutions were part of a parallel stress test overseen by the ECB. The results published on the 28th July 2023
The Markets in Crypto Assets Regulation (MiCAR) came into force on June 30, 2023. This regulation requires crypto asset firms to obtain a license to provide their services in the European Economic Area (EEA). To ensure readiness for MiCAR and avoid any surprises, it is important to consider certain factors over the next 18 months.
On 21/7/2023 amending VAT Law 75(I)/2023 was announced in the Official Gazette of the Republic, thereby bringing into effect reductions in the VAT rate which applies to certain goods and services, previously subject to the reduced rate 5%.
Climate change is not just an environmental issue; it's a financial one too. The Financial Stability Board (FSB) has been at the forefront of addressing the financial risks associated with climate change. Their 2023 progress report on the "FSB Roadmap for Addressing Financial Risks from Climate Change" provides valuable insights into the progress made and the challenges ahead.
Overview of the BIS newsletter on credit risk issues, addressing key areas of concern for banks and financial institutions and ongoing challenges in credit risk management and provisioning as an aftermath of the persisting effects of the COVID-19 pandemic.
How Grant Thornton’s approach can identify and measure Physical Risk and how such methodology can be utilized by institutions.
🌿Given the current levels of resource use, it is estimated that we are using Earth’s resources 1.8 times faster than our planet’s biocapacity can regenerate. In other words, in 1 year we use 1.8 earths! The use of materials has sharply risen in the last 50 years. Read the latest article by our Sustainability Senior Consultant Anastasia Ellina ♻️🌍