Prudential Regulation Authority—UK regulator focusing on financial system stability and prudential requirements.
The Prudential Regulation Authority (PRA) is the UK regulatory body responsible for prudential regulation of banks, insurers, and major investment firms. PRA focuses on financial stability and safety, including operational resilience requirements. PRA and FCA have joint expectations for operational resilience, including cyber security. Major financial institutions must meet PRA requirements for IT resilience, third-party risk management, and incident response.
Why It Matters
The DSC Perspective:
PRA-regulated firms face stringent resilience requirements. Operational resilience policy requires identification of important business services and impact tolerances. Understand PRA expectations if serving major financial institutions.