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ARTICLE · 19 SEPTEMBER 2024

ECB's Draft Guide On Governance And Risk Culture

KPMG in Cyprus
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In July 2024, the European Central Bank (ECB) released its draft guide on governance and risk culture (the Guide).

CyprusFinance and Banking
Eleni Neocleous
Eleni Neocleous
Andreas Potamaris
Andreas Potamaris
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In July 2024, the European Central Bank (ECB) released its draft guide on governance and risk culture (the Guide). This document outlines key supervisory expectations for assessing supervised entities within the current regulatory framework, in addition to existing requirements from the European Banking Authority's guidelines on internal governance and those of respective National Competent Authorities. The Guide highlights observed best practices as well as potential red flags in governance, behavior, and culture.

The importance of broader governance principles has been underscored in recent ECB publications, including the May 2024 guidance on effective risk data aggregation and reporting.

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