Regulatory Divergence Is Creating New Challenges for Balance Sheet Managers

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Speaking at Balance Sheet Management Europe 2026, industry practitioners discuss how regulatory divergence, digital assets, and rising compliance costs are reshaping balance sheet management. The conversation explores the growing need for capital and balance sheet optimization, stronger funds transfer pricing (FTP) frameworks, and greater collaboration across treasury, ALM, capital, and risk functions as banks navigate an increasingly complex operating environment.

Oct 26, 2026

Svetlana Kardan, Head of Balance Sheet Management, Monzo

Julie King, Product Strategy, ALMIS International

Tags: ALM, Treasury and Liquidity Risk

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As the regulatory landscape becomes increasingly fragmented across jurisdictions, the discussion examines how balance sheet managers are navigating growing complexity. Emerging challenges around digital assets, differing regulatory expectations, and rising compliance costs are placing greater pressure on banks to balance regulatory compliance with strategic balance sheet management and institution-specific risk perspectives.

The interview also highlights the growing importance of capital and balance sheet optimization, effective funds transfer pricing (FTP) frameworks, and integrated risk management. Speakers argue that closer collaboration across treasury, ALM, capital, market risk, and liquidity teams will be essential as banks respond to geopolitical uncertainty, evolving regulations, and increasingly interconnected risk drivers.

Svetlana Kardan Bio

Svetlana Kardan Group Head of ALM, Monzo Bank Svetlana Kardan is a seasoned finance executive with over two decades of experience in treasury risk management. Currently serving as the Group Head of ALM at Monzo Bank, she oversees critical functions including liquidity, funding, interest rate risk, and foreign exchange risk strategies. Previously, Svetlana held the prestigious position of Group Head of IRRBB and Stress Testing at HSBC. Renowned for her expertise in balance sheet optimization, governance, and modelling, she also serves as a respected senior treasury consultant and trainer, advising organisations on navigating complex financial landscapes and advancing industry best practices.

Julie King Bio

Julie King has joined ALMIS International's product strategy team, bringing over 20 years of asset and liability management experience with a specialist focus on interest rate risk in the banking book (IRRBB). She has worked across first line risk management, regulatory interpretation and system implementation, advising institutions with balance sheets ranging from multi-trillion-pound global banks to smaller regional lenders. She joins ALMIS from Citi, where she was Head of IRRBB for the EMEA region, driving the bank's international IRRBB strategy. Julie has also led ALM transformation projects at TSB Bank, HSBC and Virgin Money. At ALMIS, Julie is helping shape the product roadmap through a practitioner's lens, contributing to a platform that continues to evolve alongside the realities faced by treasury and risk teams inside banks.