KPMG report: Bank supervision, cyber among reg focus areas for rest of year
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
The report, released Wednesday, said all financial services regulators will likely increase their supervisory intensity over the next six months. The report advised financial institutions to expect regulators will increase their demands as they review a firm’s “risk management and controls, data quality and processes, and management/board accountability.”
Amy Matsuo, principal and national leader, compliance transformation and regulatory insights at KPMG, said firms should “expect regulators to increase supervisory intensity around scope, exam findings, and resolution times for financial services entities of all sizes and levels of complexity.”