2021 Regulatory Outlook: Key Focus Areas for the Financial Services Industry

Given the continuing effect of the COVID-19 pandemic and shifting economic and political dynamics, regulatory oversight and potential enforcement actions are crucial watch items for those in financial services. The industry will also see the ongoing evolution of credit and capital monitoring, changing governance and control expectations, as well as enhancements to existing resolution planning and regulatory reporting rules.

As our clients look to 2021 and beyond, their focus should remain on the following:

Credit and Capital Monitoring
  • Credit Risk (including Credit Loss Recognition), Loan Review and Accuracy of Risk - Weighted Assets
  • Basel Changes Affecting UK and EU Regulations [including Capital Requirements Regulation (CRR) II / Capital Requirements Directive (CRD) V / Basel IV)
Governance, Compliance and Controls
  • Risk Management in Response to COVID-19
  • Operational Resilience, including Cyber-Related and Information Technology Risks
  • Change Management for Significant Operational Changes
  • Compliance Risk Management, including Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) Programs and OFAC Compliance
  • London Inter-Bank Offered Rate (LIBOR) Transition Preparedness
  • UK and EU Climate Risk Regulatory Actions
  • Fair and Responsible Banking
  • Paycheck Protection Program (PPP) Considerations
  • Payment Systems, Products and Services
Recovery and Resolution Planning
  • 2021 165(d) Targeted Resolution Plan
  • Utilizing Recovery and Resolution Planning Strategies as Firms Focus on Resiliency
  • UK Resolvability Assessment Framework
Regulatory Reporting and Data
  • Swap Dealer Registration – Capital Requirements and Reporting
  • Data Accuracy and Completeness to Meet Regulatory Reporting Expectations


Stephen Lurie
Director, DHG Regulatory Advisory
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