UK Risk Managers In Focus After Archegos Capital Losses
By Najiyya Budaly (January 12, 2022, 2:58 PM GMT) -- The Prudential Regulation Authority told banks and insurers on Wednesday that it will prioritize supervising risk management governance frameworks and operational resilience during 2022, after the collapse of hedge fund Archegos Capital cost firms over $10 billion.
Nathanaël Benjamin, executive director of authorizations at the PRA, the Bank of England's regulatory arm, and Rebecca Jackson, director of authorizations, said in so-called Dear CEO letters to the firms that the default of Archegos Capital Management last March brought to light deficiencies in the risk management governance and framework at banks.
The PRA directors said in their letters that the saga highlighted "symptoms...
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