The Federal Reserve Bank of New York has asked Royal Bank of Scotland (RBS) to submit a risk management plan, Reuters reports. The plan, which needs to be submitted within 60 days, will evaluate the U.K. bank’s management capability and risk management practices.
The order is applicable to the banking group, as well as its units in Edinburgh, New York, Connecticut and Illinois. RBS will demonstrate how it intends to improve effective control over its U.S. operations’ corporate governance and boost its risk management practices, while complying with set requirements.
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