Addressee: Bank of England · Source location: Page 11, paragraph 20, a)
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.
Response position:
Accepted
Delivery:
Implemented
· 31/03/2025
· Confirmed by NAO
Addressee: Bank of England · Source location: Page 11, Paragraph 20, b)
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
Response position:
Accepted
Delivery:
Implemented
· 30/03/2026 (Q4 2025-26)
· Confirmed by NAO
Addressee: Bank of England · Source location: Page 11, Paragraph 20, c)
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.
Response position:
Accepted
Delivery:
Implemented
· 31/01/2026
· Confirmed by NAO
Addressee: Bank of England · Source location: Page 11, Paragraph 20, d)
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.
Response position:
Accepted
Delivery:
In progress
· 30/03/2026