KPMG’s UK Regulatory Barometer ranks operational resilience in joint third place
- Published: Monday, 31 October 2022 08:35
KPMG has published its first UK Regulatory Barometer, which identifies nine key regulatory themes and assigns them each a regulatory impact score based on attributes such as volume of updates, complexity and time to implementation.
The UK Regulatory Barometer ranks operational resilience in joint third place, alongside ‘Regulating digital finance’ and behind ‘Maintaining financial resilience’ and the top regulatory theme ‘Delivering ESG and sustainable finance’.
The report says that while some operational resilience policy is already in place in the UK, extensive new requirements are either proposed or awaited for digital resilience and critical third party providers.
The UK Regulatory Barometer aims to help financial services institutions understand the scale and likely impact of regulatory change pressures.
The average Impact Score for this first issue of the Regulatory Barometer is of 6.9 out of 10. The higher the score the more oversight and resources firms may need to devote to regulatory change, with KPMG’s FS Regulatory experts regarding a score over 5 as a significant level of regulatory pressure. Operational resilience is given a score of 7.1.