The U.K. banking regulator is shifting its focus to rigorously monitoring outcomes, rather than adding rules, and this is driving investment in oversight functions. While it has freed larger banks to report biannually, instead of annually, increased expectations for directors to understand and attest to the accuracy of reported figures, and the implementation of the Basel 3.1 banking standard from Jan. 1, 2027, mean compliance teams must stay vigilant.
Data will be critical. Data gaps must be resolved before reporting under the standard goes live, and compliance teams should collaborate with risk management, report writers, and the teams generating data and providing assurance. Banks must also evolve their data architecture.
