Context
The FCA has published a speech, delivered by Sarah Pritchard, FCA Deputy Chief Executive, at the launch of the Chief Risk Officer Network. Pritchard introduces the speech by acknowledging that the Chief Risk Officer network is to help Chief Risk Officers (CROs) to encourage responsible risk taking within their firms. It also acknowledges that the FCA needs CROs to play their part to assist the FCA in its objectives, and it considers the ‘balance of rebalancing’.
Key points to note and next actions
- The FCA wants to support responsible, managed risk to drive growth and innovation, enabled by outcomes-based regulation.
- The FCA needs the help of Chief Risk Officers and risk professionals to bust myths that hinder progress.
- The FCA is taking practical steps to rebalance risk in the system, recognising that the opportunity cost of inaction can be greater than the risks of change.