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Do you need a helping hand with PRA’s new guidelines? | Webcast | On-Demand

Mar 2, 2022 at 8:40 PM
Resource Do you need a helping hand with PRA’s new guidelines? | Webcast | On-Demand cover photo
Watch the panel discussion with Daisy McAndrew, Former Economics Editor and Chief Political Correspondent, ITV News, Stephen Cleminson, Alliances Director, iValua and Yvonne Dunn, Partner, Pinsent Masons. The panel will be taking an in-depth look at the new guidelines from the Prudential Regulation Authority (PRA) and how they will impact organisations in the sector as the hard deadline approaches on 31 March 2022. Banks, building societies and other financial services organisations under PRA jurisdiction are currently relying on outdated contract management systems, tailored in-house packages or even spreadsheets which do not give full visibility across the supplier and contracting process, and are unable to track the vast number of documents that form part of this process. The new PRA guidelines have thrust procurement firmly into the spotlight as the function responsible for ensuring overall compliance. With this comes the opportunity to shape a solution to keep track of everything. Some financial institutions are already using technology to help overcome this complexity, providing a full source-to-pay platform which delivers cost savings, reducing supplier risk and delivering efficiency in the procurement process, while meeting the compliance requirements associated with the EBA guidelines. In addition to PRA guidelines, financial services organisations also need to ensure that they are keeping pace with the TPRM and KYS needs within their organisation, that means the management of suppliers continues to be an area of focus. The PRA guidelines are here to stay and are likely to evolve in the future, in addition to new regulatory requirements such as FMI and DORA. The key for organisations is to look at the process and the systems that they have in place, but also anticipate that there are probably going to be further changes to those regulations. Watch as we discuss the PRA’s new guidelines and how you can prepare your company for their implementation.