In July 2018, the Central Bank of Ireland (CBI) proposed an Individual Accountability Framework (IAF), which includes the Senior Executive Accountability Regime (SEAR) to be modelled on the UK's Senior Managers and Certification Regime (SMCR).
Like other accountability frameworks, the Irish Individual Accountability Framework and the Senior Executive Accountability Regime aim to facilitate individual accountability and responsibility, particularly for individuals performing senior executive functions (SEFs) within a regulated firm.
The Introduction of IAF and SEAR in Ireland obligates firms, senior managers and individuals to understand clearly where responsibility and decision-making lie.
In recent years, the Central Bank of Ireland and other publications have been reporting the need for cultural change within the financial services industry to regain consumer and investor trust.
The Central Bank Individual Accountability Framework Bill 2022 has now been approved and signed by the president. As a result, the scope for personal exposure and liability within the Irish-regulated financial firms will expand dramatically.
Firms will need to start to prepare for the regime, and the good news is that they can look at other firms' approaches to the UK's Senior Managers and Certification Regime (SMCR).
Watch this webinar with Dr Liz Hornby, Principal Consultant and Compliance Content Specialist at GP Strategies Learning Experience, that takes a practical look at the key lessons learned from the implementation of the SMCR and addresses some practical questions, including:
- What is the best approach to staff training?
- How do the new conduct standards work?
- Why is a holistic approach important?
