SEAR Software Solution – Actus Comply

SEAR Software Solution – Actus Comply

It may taken a while to arrive but on 13th March 2023 the Central bank of Ireland finally announced the enactment of the Individual Accountability Framework Bill 2022 by launching a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.  Many firms are now searching for a simple, but effective SEAR software solution to help them manage these requirements effectively.

The draft regulations and guidance seek to provide clarity in terms of the Central Bank’s expectations for the implementation of three aspects of the framework: the Senior Executive Accountability Framework (SEAR), the Conduct Standards and certain aspects of the enhancements to the Fitness & Probity regime.

The IAF includes the following key elements:

• Senior Executive Accountability Regime (SEAR): This will require in-scope firms to set out clearly and fully where responsibility and decision-making lie within the firm’s senior management.
• Conduct Standards: Common Conduct Standards are basic standards such as acting with honesty and integrity, with due skill, care and diligence, and in the best interest of customers, and will apply to individuals in all regulated firms. Senior executives will also have Additional Conduct Standards related to running the part of the business for which they are responsible.
• Enhancements to the current Fitness & Probity (F&P) Regime:This will include clarifying firms’ obligations to proactively certify that individuals carrying out certain specified functions are fit and proper.
• Amendments to the Administrative Sanctions Procedure (ASP): A key change will be the Central Bank’s ability to take enforcement action under the ASP directly against individuals for breaches of their obligations rather than only for their participation in breaches committed by a firm.

See the full IAF consultation paper, draft IAF regulations and guidance .

Timeline:

The Consultation Paper sets out the following implementation timelines:

• By 31 December 2023, all firms must comply with the conduct standards and enhanced fitness and probity regime.
• By 1 July 2024, all in scope firms must comply with the regulations on inherent and prescribed responsibilities and other SEAR requirements including the development of Statements of Responsibilities and Management Responsibility Maps, examples of both have been provided in the consultation paper

How can Actus Comply help?

Actus Comply provides a robust and easy to implement SEAR software solution that makes meeting the requirements of the regime easy to manage and report on at the same time as supporting the enhanced requirements around Fitness and Probity and certification. Features include:

• Allocation and mapping of Senior Executive roles and statements of responsibility (SORS)
• Ability to delegate and track associated responsibilities without abdication
• Configure and allocate additional regulatory responsibilities e.g. committee memberships
• Freedom to set up and manage additional projects and responsibilities

Certification Management

• Freedom to integrate conduct and competence sign-off into the annual appraisal
• Recording of role-specific training and qualifications with automated alerts of expiry
• Continuous Professional Development (CPD) tracking and reporting
• Gather feedback and attach supporting evidence throughout the year against the employee record

Real-time Certification & Auditing

• Appropriate Controls and Measures with CBI ready reporting
• Automatic compliance validation
• Breach recording and management
• Automated certificate production and storage
• Real-time responsibilities map and audit trail

Actus Comply is unique because it can be used as a standalone SEAR solution or integrated within Actus Performance & Talent Management Software. This removes the need to run separate appraisal and certification processes and provides increased value and uptake for both.