Source · National Audit Office

Bank of England: Managing legal, ethical and staff compliance risks

Published: 4 Mar 2024 Recommendations: 4 Type: Value for Money NAO confirmed: 2

The Bank of England is overhauling its management of non-financial risks. The Bank is progressing but recognises there is more to be done.

Topics: Banks and financial servicesBusiness and industryRisk and resilienceRisk management nao.org.uk →

Recommendations

4 items

4 accepted 3 implemented 1 in progress

Rec	Recommendation	Addressee	Acceptance	Implementation
1	The Bank should review whether there are material differences in awareness, understanding and perception of risk and compliance between different groups of staff ? for example, based on role, seniority or length of service ? in order to identify ways to target further improvements. Ref Page 11, paragraph 20, a) · Implemented 31/03/2025	Bank of England	Accepted	Implemented ✓ NAO
2	Work with business areas to encourage them to more consistently explain changes in assessed levels of risk through the risk and control self-assessment process Ref Page 11, Paragraph 20, b) · Implemented 31/12/2024	Bank of England	Accepted	Implemented
3	Examine the completeness of the controls in place to manage compliance risks and whether there are gaps or duplication. This should cover: the areas on which the Bank requires assurance; the teams or control activities that provide assurance over each area; and the level of assurance provided by each team or activity. The Bank should identify the most cost-effective way to do this, including considering the merits of a formal assurance mapping exercise and any areas where it judges it already has robust assurance. Ref Page 11, Paragraph 20, c) · Implemented 31/01/2026	Bank of England	Accepted	Implemented ✓ NAO
4	Develop a programme of work to more regularly evaluate how well changes to risk management processes and policies are working in practice, and to understand the impact those changes have had on the Bank?s ability to manage compliance risks effectively. Ref Page 11, Paragraph 20, d) · Implemented 30/03/2026	Bank of England	Accepted	In progress