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BoE Faces Compliance Breaches Scrutiny
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The National Audit Office's report reveals significant compliance breaches at the Bank of England, citing incidents like the resignation of deputy governor Charlotte Hogg and a security breach in 2019. While progress in managing non-financial risks is noted, the BoE still grapples with a high volume of compliance violations, urging the bank to boost risk awareness and staff confidence in reporting issues.
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How might the Bank of England's compliance breaches impact its reputation and regulatory standing?
In what ways could enhanced compliance at the Bank of England influence the broader financial sector's standards and practices?
What measures can the BoE implement to strengthen its risk management practices and reduce compliance breaches?
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