AFB Roundtable: How to Implement the Basel 3.1 Near-Final Rules

The Prudential Regulation Authority (PRA) has set a deadline of 1 January 2026 for the implementation of the biggest changes to the capital regime for banks in over a decade. This reform package is commonly known as Basel 3.1.

Basel 3.1 is an international regulatory framework, intended to be the final set of amendments to the capital regime for banks following the 2007-08 Global Financial Crisis. The Basel standards have been agreed upon following consultation between international regulators, laying down the minimum capital requirements, risk management guidelines, and disclosure standards for banks.  The PRA has now published the changes applicable to UK banking entities for Basel 3.1

This event will specifically cover key questions on new and existing data requirements for the purpose of Basel 3.1 reporting. This will include:

• What are some of the new data points that will need to be covered under the revised regulatory reporting obligations for Basel 3.1?
• What are the main risks and considerations associated with generating these data points?
• What are the specific expectations from the PRA around the governance of assumptions and judgements that feed into the determination of the additional data points?
• How might this data interact with other risk stripes within the bank (e.g. stress testing, solvent exit, recovery, pricing, etc)
• Whistlebrook’s enhanced capabilities for processing new and existing data points from different source systems
• Enhanced quality control measures that are built into Whistlebrook’s systems (e.g. data drill down, regulatory validation, etc)
• Whistlebrook’s capabilities in generating management information that would enable the production of key MIS (e.g. Pillar 3 reporting, Cashflow mismatch analysis, etc.)
• Tailoring of how regulatory rules are to be applied to different reports.  

This practice roundtable, sponsored by Whistlebrook and hosted by Forvis Mazars, will provide an opportunity for members with each other to discuss the unique challenges facing non-UK banks in this area.

The Chatham House Rule will apply to this event to encourage open dialogue and discussion.

Why attend?

Basel 3.1 is arguably the most important item of regulatory change in the next 18 months. The regulatory capital regime has a direct impact on bank’s costs of doing business. Compliance with the capital standards is also one of the most important components of the Prudential Risk framework.

Who should attend?
This roundtable will be particularly valuable for CFOs, CROs, Treasurers and Heads of Prudential Risk responsible for manging capital, ICAAP process and regulatory affairs.

AFB will circulate an agenda and series of questions to attendees in advance which will be used to aid discussions. 

There will be refreshments and networking from 18:00, after the discussion concludes.

Please note that capacity for the roundtable is limited to 20 members, one person per member bank.

What will members gain for use at their bank?

• An overview of the near-final Basel 3.1 rules published by the PRA and their implications for UK banks.
• Practical guidance on how to implement the rules, including discussion of the implications the Basel 3.1 rules will have for regulatory reporting, disclosures and data management
• Insight into how the near-final rules interact  other elements of the prudential risk landscape
• How to engage with the regulatory authorities during the implementation process
• An opportunity to discuss key challenges and network with peers

Facilitators

Anindya Ghosh Chowdhury, Director
Anindya is a Director within Forvis Mazars’ Financial Services consulting practice, and leads on Prudential Regulatory Consulting offering for banks. Anindya is an ex-PRA regulator, and has also supervised payment firms and worked alongside the Prudential Policy directorate. He has been leading discussions with industry and trade organisations

Anindya has over 14 years’ experience in the financial services industry, having started his career at PwC where he was in external audit for 5 years before moving on to the UK’s banking regulator. Anindya is currently speaking to a number of banks on the changes that they need to consider in the context of regulatory reporting in light of Basel 3.1.

Breda Griffin, Director

Breda is a Director with Forvis Mazars’ Financial Services consulting practice. She has over 10 years of experience in the financial services industry. Prior to joining the firm, Breda worked in Banking where she developed enterprise-wide risk management processes, including policies, procedures and risk appetite for the bank ensuring compliance with regulatory requirements.

Breda also worked for over 12 years in the wholesale commodities markets, holding several roles including being an Intraday Trader and a Power Trader in London and Paris for international trading companies. She led the development of trading desks looking at new initiatives to create increased efficiencies for the Power market across Europe and Eastern Europe, whilst developing and strategizing efficient and financial gains aligning with the firm’s risk strategy and appetite.

Jon Sayer

Jon is a highly experienced, senior sales professional with over ten years at Whistlebrook. As Business Development Director, Jon plays a key role in driving the company’s sustained sales growth by securing new business opportunities and strengthening relationships with existing customers and industry partners. In addition to these responsibilities, Jon brings a strong financial acumen and actively works with cross-functional groups including the marketing and customer success teams, helping to craft and implement strategies that support Whistlebrook’s overall business objectives. He joined the board of Whistlebrook in 2024.

Jon brings over 18 years of experience working at the intersection of sales, business development and strategic partnership management, holding roles across retail and technology sectors. With a commitment to customer satisfaction, Jon enjoys building lasting partnerships and ensuring that Whistlebrook consistently deliver the high-quality services that our clients expect. His expertise and dedication to guiding the long-term objectives have been key to the company’s ongoing success.

Gordon McMaster

Gordon joined Whistlebrook in 2014. He has responsibility for developing Whistlebrook’s knowledge of regulation within the Financial Services sector and ensuring that the company’s WIRES product is aligned with the industry’s latest regulatory requirements. He is SME for Whistlebrook’s hedge accounting solution and has been responsible for implementation of the organisation’s ISO27001 information security management system.

Gordon is a Chartered Management Accountant. During his career, he gained also the Associate qualifications of the Chartered Banker Institute and the Association of Corporate Treasurers. He has 18 years’ experience in the Financial Services sector.

Before joining Whistlebrook, at Lehman Brothers, he held positions in liquidity forecasting and debt management analytics, within the firm’s Treasury function. At a UK building society, he had responsibility for financial planning. He has also worked in reporting at Citibank and in finance system change projects within Pharmaceuticals and Financial Services.

Logistics 

Fee:            Included in AFB membership (no fee)
Location:   Forvis Mazars (9^th floor), 30 Old Bailey, London EC4M 7AU
Date:          Tuesday, 10 December 2024
Time:          16:00-18:00 (registrations from 15:30, networking and canapes from 18:00)

If you would like to submit a question before or have any specific areas that you would like the session to address, please send them to the AFB at secretariat@foreignbanks.org.uk You will receive details on how to join the session one week before the event.

Partner biographies

Whistlebrook is a leading provider of back-office software solutions to the financial services industry. These software solutions have been developed with financial institutions to solve particular business problems, provide business insights, and improve efficiency. The software solutions comprise of a portfolio of back-office applications that cover such areas as: Regulatory Reporting; Effective Interest Rate calculation; Single Customer View; Funds Transfer Pricing; Treasury Management; ALM; Hedge Accounting; Financial Planning and Financial Ledgers.

Forvis Mazars is a leading global professional services network. Uniquely formed of just two members, Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories, and Forvis Mazars LLP in the United States.​ Our banking & capital markets team features former regulators, industry executives and senior professionals who offer deep insights into the industry. Our clients include some of the world’s largest banks, and we work with the entire value chain of the industry. With banking & capital markets specialists worldwide, we offer local market experience working with a single integrated platform that ensures the guidance you receive from us is the right fit for your business objectives.