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You're in good company…
The Central Bank of Ireland (CBI) has now confirmed that it will be following the lead of the Financial Services Authority (FCA) in the UK by introducing a stringent individual accountability framework (IAF) for improved regulation of the financial services sector. Current indications are that firms will be expected to comply with this by July 2024 which isn’t far away!
The IAF includes the following key elements:
See the full IAF consultation paper, draft IAF regulations and guidance
Many of the requirements echo those of the SMCR regime in the UK which was introduced between 2016 and 2019 and Irish firms can benefit from the lessons learned by those who thought they could manage this manually. These were typical comments made by Actus Comply comments who joined us after the deadline: “Managing certification and conduct annually is going to be a bigger a job than we expected” or “We’ve done the mapping on excel but ongoing reporting and keeping it 100% accurate is a massive headache and the risk increases every year!”
It is relatively easy to complete the mapping and assignment of roles but the challenge associated with the annual certification process, coupled with the pressure to keep all the data accurate and 100% up to date all the time is huge. With the shift in responsibility having moved from the firm to the individual, there is no surprise given the levels of personal liability likely to be similar to SMCR for the SEAR regime.
Spreadsheets and manual control mechanisms wont provide a sustainable audit trail that meets the CBI’s requirement of being able to demonstrate a solid SEAR control process, similar to that of SMCR. It wont take long for Irish firms to realise that managing Fitness and Probity using paper-based systems is never going to work. Irish firms need an affordable and reliable SEAR software solution and that’s why they are looking to Actus.
Actus Comply eliminates these concerns with a simple, but highly effective SEAR and SMCR software solution. We have a purpose-built compliance module for assigning and tracking responsibilities with a full audit trail; clear reporting and a host of value-add features. Actus Comply also offers CPD; Certification and F&P management for the whole firm.
Actus Comply was designed in partnership with clients in the financial services industry to specifically meet the needs of the Senior Managers & Certification Regime providing the accountability, visibility and reporting that is required to ensure that regulatory compliance can be demonstrated with confidence.
Download our White Paper: How can SM&CR drive real culture change?
Back to product overviewActus Comply was designed in partnership with the Financial Services Industry to support SM&CR requirements and is equally relevant for other industries with regulatory obligations.
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If you have any questions, enquiries or just want to say how much you like us (or what we can do better), please drop us a line.