NAO reports on BoE management of non-financial risks

The National Audit Office has published a report looking at whether the BoE has efficient and effective systems and processes in place to manage non-compliance with legal, ethical and staff policy requirements.

The report concludes that the BoE has overhauled its approach (following two high-profile incidents in 2017 and 2019) and it making good progress in developing new and improved processes to identify and manage non-financial risks.

However, the Bank recognises that there is still room for improvement and so is planning further changes for 2024-25. These include improving the quality and consistency of information recorded in risk registers and a more consistent process for responding to reported incidents.

Lucy Hadrill